Home auction markets reported generally solid to strong results for most sellers at the weekend upon resumption of full activity following the previous weekends Queens Birthday Holiday break.
Sydney and Melbourne continue to record their highest local clearance rates for over a year with Sydney auction clearance rates remarkably surging beyond 70 percent for the first time since 2017.
Although listings numbers remain comparatively subdued, buyer confidence has certainly been revitalised reflecting the long-overdue cut in official interest rates announced recently.
Buyer appetite will likely remain unsatisfied however over coming weekends with the winter market recess approaching and fewer homes offered for sale.
But clearance rates at these latest levels – if sustained, are likely to put upward pressure on house prices.
NOW WATCH: Dr Andrew Wilson deliver this month’s Property Market Commentary
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from Property UpdateProperty Update https://propertyupdate.com.au/revitalised-auction-markets-surge-after-holiday-break/
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