Super fund rule change looms as investors rush to buy

The house at 23 Wyperfeld Ave, Craigieburn, attracted nine bidders on Saturday. Nine bidders, including multiple investors racing to beat a fast-approaching Australian government deadline for Self-Managed Super Funds, competed for a Craigieburn house yesterday. Ray White’s Trish Orrico said the three-bedroom home with a $650,000-$680,000 range soared “way above the reserve” to sell for $792,000. The sale was one of 299 early results which saw Victoria post a preliminary 55.5 per cent clearance rate on Saturday, according to realestate.com.au. RELATED: Victorian home auctions slated to slump in spring Regional Victorian property market defies crash as prices surge in key towns Rundown Norlane corner block sells more than $60K below guide as buyers seek bargains Ms Orrico said that most of the investors, some based in NSW, Western Australia and Queensland, wanted to secure the 23 Wyperfeld Ave home for their SMSF before August 10. That date is the cut-off for entering into new limited recourse borrowing arrangements to buy an investment property for an SMSF. Prime Minister Anthony Albanese’s government agreed to the law amendment in a deal with the Greens, to push through the changes...