Auction Clearance Rate Hits 19-Week High Amid Buyer Bargain Hunt

The Australian house auction clearance rate has reached its highest level in 19 weeks. Almost 60% of homes cleared at auction, according to early numbers.

This surge in activity is driven by more buyers seeking bargains amidst fresh spring stock and vendors lowering prices.

However, experts warn that the boost in auction activity could be short-lived if predictions of one to two interest rate rises materialise when the Reserve Bank of Australia meets later this month and again in November.