However, recent auction clearance rates suggest property investors are responding to the string of interest rate cuts and coming back into the market again. Auction clearance rates in Sydney saw a 77.6% clearance rate over the weekend of May 21, with 80.3% the weekend before that – the highest levels since August last year, according to Domain. The number of properties auctioned over the weekend was down from 750 homes at the same time last year to just 573 homes – which highlights the distinct lack of stock which is driving Sydney house prices up. Melbourne also saw strong auction clearance rates, matching Sydney with 73.8%, with 744 houses going to auction compared to a whopping 995 over the same weekend last year.
In New Zealand property news, Auckland house sales activity quietened a little in April after a busy March, with only a marginal increase in the average price and sales numbers down significantly. The average price in April was $878,599, up 0.8% from March and up 8.6% compared to April 2015. While for the past year there has been monthly year on year increases of around 12%, Auckland house prices may now be reaching a plateau.
