Real Estate Auction Clearance Up
The Real Estate Institute of Australia (REIA) sees an upturn in the property market, specifically for the auction sector. According to the latest statistics from the Australian Property Monitor (APM), Sydney clearance rates were up by 69.3 percent in the first week of August. The growth is substantial compared to the same period last year, which registered 47.5 percent. In Melbourne, clearance rates are at a 12-month hight of 87 percent.
Meanwhile, for other positive signs of real estate recovery, ABS figures show that housing finance commitments are at an 18-month high. ABS investment housing commitments are also up in June for the third straight month of increase.
“These are strong signs of a healthy property market ahead,” says REIA president David Airey.