Australia’s home auction market reached a six-year high last week, thanks to property hunters capitalising on the country’s low interest rates.
The latest report by Core Logic RP Data said the national auction clearance rate was at 78.3% last week, the highest rate since September 2009.
In particular, buyers in Sydney and Melbourne contributed to the spike in auction sales, both recording clearance rates of over 75%.
Sydney cleared 85.1% of the 863 homes that went to auction, while Melbourne sold 77.8% of the 1,263 homes.