It seems like Australia’s property boom is back as Sydney saw its highest weekend clearance rate since July 2015 last Saturday at 82.2 per cent—higher than the 79.7 per cent achieved on the same weekend last year.

According to Domain Group, low auction number have led to higher clearance rates, as only 471 properties were listed for auction last Saturday compared to 727 on the same weekend last year. Supply levels are also low, leading to fierce competition in most areas. According to Fairfax Media, the volume of properties on the market has dropped by 29 per cent in the past 12 months, causing many houses to sell way above their reserve prices.

Meanwhile, Melbourne’s property market is also booming, as it recorded the second highest level of auction clearance rates so far this year. Clearance rates have also been rising for three consecutive weekends.

Investors are also slowly returning to the property market, according to the latest lending data for released last week by the Australian Bureau of Statistics. Investor lending slowed down in the past year due as the big four banks—Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank, and Westpac Banking Corp—all imposed severe restrictions on lending to foreign investors due to fraud and money laundering fears. The lenders also imposed higher rates on investors, as well as tightened restrictions on loan-to-valuation ratios.