Homes under $800k will be exempt from stamp duty come July 1, a move that could have negative impacts on the market. 

Real estate auctioneer Damien Cooley, explained that the stamp duty exemption is expected to drive up prices for properties in the $700,000 to $750,000 price range.

He further emphasised that it would put pressure on housing prices between 800k and 1 million, as demand rises.

“The more people sort of sniffing around one particular asset, the higher the price is likely to go”, he said.

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