Sydney and Melbourne property markets strengthen
Home buyers emerged in Sydney and Melbourne over the weekend (September 22, 23), with both capital cities recording strong auction results.
More than 620 dwellings went under the hammer in the Victorian capital, with a clearance rate of 64 per cent well up on the year-on-year figure of 52 per cent.
In total, 401 residential properties sold across Melbourne, with 223 passed in and 141 on a vendor bid.
Real Estate Institute of Victoria chief executive officer Enzo Raimondo said the spring auction season was panning out well for Melbourne so far.
"In light of the increase in stock this weekend, this is quite a healthy result. It continues the trend this spring with the clearance rate being consistently a few points higher than last year," Mr Raimondo said.
Sydney also performed well over the weekend, with 504 auctions taking place across the city, recording a clearance rate of 67.3 per cent - more than ten per cent more than year-on-year figures.
The recent figures come off the back of economist's predictions that the Reserve Bank of Australia (RBA) will cut the official cash rate again before the year is out.
Experts have tipped the RBA will slash interest rates by 50 points this year, and potentially 75 basis points over the next 12 months.