Canberra recorded the highest auction clearance rate at 96.2% during the week ending 23 August as first homebuyers rush to cash in on the government boost before the September expiration date. There were a total of 32 auctions during that week - more than double that of the previous week.

Similarly, the number of auctions in Melbourne rose strongly to 539 during the week ending 23 August from 447 during the previous week. Auction clearance rate fell slightly to 81.9% compared to 85.9% from the week before. Sydney recorded a big jump in the total number of auctions to 401 from 294 from the previous week. Auction clearance rate also climbed to 78.4% during the same period.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now