Auction clearance rates signal property revival
The Australian residential property market is showing continued signs of renewed consumer confidence, with auction clearance rates looking optimistic across the country.
Last week (August 5) Sydney recorded a two year strong auction result of 64.9 per cent, however, this week the rate in the New South Wales capital dipped to 59.4 per cent.
According to statistics from Australian Property Monitors, while there were small falls in Melbourne and Sydney auction clearances, the yearly figures were similar to the same period as last year.
Falls in the Adelaide market fell from 58.3 per cent to 54.2 per cent and Brisbane moved from 36.4 per cent to 35.1 per cent, however the results were a significant increase on the year-on-year results.
Real Estate Institute of Australia national president Pamela Bennett said Australia's strong economic position was attributed to the positive results in the property market.
"There will be a measured improvement in the market because those strong economic indicators will show through," Ms Bennett told The Australian.
Experts tipped the positive auction clearance rates across the country were a healthy indication that property investment was becoming more attractive, with more favourable selling conditions.