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PHOTO: Photot: Carl Court/Getty Images.
- Auction clearance rates in Sydney and Melbourne have had another strong showing over the weekend, as a recovery in the two biggest cities looks imminent.
- Judging from previous market moves, AMP chief economist Shane Oliver believes we can expect to see as much as a 10% rise in house prices as a result.
- That’s despite lower volumes, which tend to pick up as a result of strong selling numbers and are likely to only be helped along by the nearing of spring.
The worst appears to be over for the Sydney and Melbourne property markets after yet another successful weekend of auctions.
Clearance rates — the proportion of properties sold at auction — ran home strongly for another straight week, and look to be the best in around two years for both cities.
Across the weekend, 78% of all Sydney homes and 74% of Melbourne’s sold, according to real estate platform Domain.
While the final figures will come in slightly lower, that puts both markets on course for their best results in years, according to AMP chief economist Shane Oliver.
READ MORE VIA BUSINESS INSIDER