PHOTO: Auction clearance rates have risen to a level that should drive up prices, but the lack of houses on the market is helping too. Reuters: David Gray
The tentative shoots of the housing sector’s recovery have continued to emerge.
Another solid Saturday of auction results has fired up optimism that what has been, historically speaking, a fairly minor correction, may be over.
In Sydney preliminary clearances look like hitting 75 per cent. Melbourne was closer to 80 per cent.
If that is the worst of it, things haven’t been too bad.
Sure, Sydney house prices fell 15 per cent from their peak to what appears the market’s bottom around May or June.
Melbourne top to bottom looks like being a bit more than 10 per cent, which was about average across capital cities.
Perth with a 20 per cent slump (so far) and Darwin down 30 per cent have been the painfully significant outliers.
The August house price bounce was particularly vigorous, up 1 per cent nationally.
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