The rising confidence among property buyers has boosted auction clearance rates across the country over the past 30 days according to RP Data.
According to rpdata.com national research director, Tim Lawless said auction clearance rates have improved consistently since the start of the new calendar year, now averaging 70% across all auctions compared with just 46% at the end of last year.
"The improvement in clearance rate can be attributed to a number of factors but it's important to note that market conditions have improved with property prices showing modest growth and with consumers showing more optimism about the economy. Vendors have also become more realistic in their expectations," he said.
The two largest markets for auctions are Melbourne and Sydney- accounting for 80% of all auctions nationally. This means that the national clearance rates are largely dictated by what transpires in these markets.
"There needs to be some care in how the auction is interpreted outside the core auction markets of Melbourne, Sydney and to a lesser extent, Brisbane," said Lawless.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker