Property listings more than doubled in the first week of auctions and clearance rates jumped up to 80% in Sydney and 75% in Melbourne.

I was really intrigued to see the results of clearance rates once there was more product available. These results provide strong evidence of the strength of the rebounding housing market, where in weaker markets, a rise in auction listings would normally trigger a drop in the clearance rate.

Estate agents have reported high numbers of first home buyers bidding, most likely a direct result of the first home loan deposit scheme. AMP capital economist, Dr. Shane Oliver, noted that the listings were up 70% only a year ago Sydney, and 40% in Melbourne, which is only starting to pick up after the Christmas New Year slow down. But we still are well down on the boom time levels. Corelogic auction market analysis, Kevin Brogen, said, “Over the coming weeks, we’re expecting the number of auctions to rise further, providing a timely test of the market’s depth.” I look forward to the supply of home listed increasing, and let’s see if the demand can keep up.