Sydney Townhouse Sells for $2.19 Million at Auction

A three-bedroom property on Bellevue Street in Glebe sold for $2.19 million on Saturday after two registered bidders competed. The house had been offered for sale for the first time in decades.

The auction drew a crowd of about 30 people, mostly middle-aged couples. No first-home buyers were observed among the attendees. One prospective buyer who withdrew before the final bid said she and her husband had sold their Darlinghurst residence and planned to rent while purchasing a new primary residence.

She stated the strategy change was made to maximize wealth-building under the revised tax rules.

The preliminary clearance rate on Saturday remained near 50 percent. Financial advisers reported that some clients had paused purchases and were reviewing rent-vesting plans after the tax measures were announced. Accountants noted increased inquiries from clients holding long-term investment properties.

Several indicated they were considering sales because the lower capital-gains discount reduced the benefit of continued ownership.

The tax changes have not yet been introduced as legislation.

Advisers said they were counseling clients to wait for the final text before making further decisions.