Someone Just Searched For
Agents In

Sydney, Melbourne real estate auctions make case against RBA interest rate cut

Sydney, Melbourne real estate auctions make case against RBA interest rate cut

Booming Sydney and Melbourne markets pushed the national auction clearance rate to its third-highest rate ever over the weekend, showing the risks to the Reserve Bank of further cutting rates on Tuesday.

The combined capital city rate of 79 per cent - apart from the last weekend's figure of 82.3 per cent, based on a subdued Anzac Day market - was the highest since the 79.7 per cent posted in September 2009, CoreLogic RP Data figures show.

In Sydney, where investors, offshore buyers and owner-occupiers are all battling for off-the-plan property, the auction clearance rate of 89.7 per cent was up from 71.4 per cent a year ago.

Melbourne's clearance rate jumped to 81.3 per cent from its year-ago figure 61.9 per cent on a weekend in which an unrenovated brick villa in Albert Park sold for $4.21 million, $1.71 million above the reserve price.

Read the full article at the Financial Review

Chat it over with our property expert Bianca. Our local office number is 1300 040 463.

Whilst we strive to give you the best possible online experience, sometimes it's just nice to chat on the phone with a real person.

As Seen on TV

Home Lifestyle
One
Go
7 Flix
9 Life
Gem

Finding Your Property Information

This should only take a few seconds