Auction clearances surge

15/09/2008

Melbourne's auction clearance rate has surged to a six month high as buyers continue to return to the market following the recent interest rate cut.

The REIV says the number of properties that sold at auction at the weekend rose to 68, up four percentage points on last week and nine percentage points in a fortnight.

Just two weeks ago the clearance rate had dropped to 59% - its lowest point in more than three years.

REIV cheif executive Enzo Raimondo said the rebound was a result of renewed interest in the market with the start of teh spring property season, and growing buyer confidence after the Reserve Bank this month cut the official interest rate for the first time in nearly seven years.

Source: The Age Monday September 15, 2008, Chris Vedelago