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ISCOVER
By: Staff reporter
Melbourne’s real estate market has continued its stellar run, posting an auction clearance rate above 80 per cent.
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The capital city managed to outshine every other state, with Sydney its nearest rival.
Statistics from RP Data showed Sydney’s auction clearance rate dropped slightly this week on the back of a strong result last weekend.
The NSW capital recorded an auction clearance rate of 68.9 per cent, down from the 77.6 per cent recorded over the previous weekend.
But despite the recent drop, auction clearance rates continue to stay relatively high– especially in Melbourne.
The Reserve Bank of Australia (RBA) said in its monetary policy meeting minutes – released earlier this week – that a significant recovery in house prices and a host of firmer economic data provided sufficient indication for the central bank to continue with its policy to take interest rates to a normal level.
"Domestically, most economic indicators continued to point to a strengthening in economic activity,” the minutes read.
The board members were particularly pleased by positive developments in the financial sector and the "significant momentum" in the housing market.
