Cheap credit, a lifting of COVID-19 restrictions and a seasonal pick-up in the number of homes for sale is driving competition in the housing market and pushing clearance rates to their highest level since March, with three of every four homes selling at auction.
The Sydney- and Melbourne-dominated national auction market posted a preliminary 77 per cent clearance rate for the week to Saturday, just above the previous week's 76.2 per cent figure that was subsequently revised down to 66.9 per cent, CoreLogic figures on Sunday showed.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
