PHOTO: Auction clearance rates have now risen back to levels associated with stable prices.
The Sydney and Melbourne property markets are showing early signs of ending their steep slides, with a strong bounce in auction clearance rates on the first Saturday after the federal election.
- The national average auction clearance rate was 62.6 per cent on Saturday
- It is the highest preliminary clearance rate since April 2018
- Analysts say a clearance rate above the mid-50 per cent range indicates property price stability
Preliminary figures from CoreLogic show that 69.9 per cent of homes that went under the hammer in Sydney found a buyer, while 62.9 per cent of auctions in Melbourne cleared.
Those figures will be revised lower once extra results are submitted by agents, but Westpac senior economist Matthew Hassan expects the final result to come in about 65 per cent for Sydney and 60 per cent for Melbourne — the highest rate since April last year.
READ MORE VIA ABC