Australian property auction clearance rates firm in wake of interest rate cuts: data

Australia's housing market has shown early signs of improved buyer confiden...

MELBOURNE - Australia’s housing market has shown early signs of improved buyer confidence at property auctions, according to data from a major analysis firm, days after the country’s central bank cut interest rates again in a bid to boost the sluggish economy.

Clearance rates show the percentage of properties sold at auction and is one indicator of the health of the property market. “There’s definitely a really good vibe out there in the marketplace now; people just want to get on with it and buy a place,” said Sydney real estate agent Brendon Clark.

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