The national auction clearance rate has risen to its highest level in a year after two interest rate cuts and the possibility of more helped to boost buyer confidence in the property market.

The 74.5 per cent preliminary clearance rate was up on last week’s 73.9 per cent and was achieved with more properties sent to auction. This week, 2103 homes went under the hammer, up from the previous week’s 2004, according to figures from data provider Cotality.