Auction clearance rates in Sydney and Melbourne remained above 60 per cent last week.
Australian Property Monitors (APM) reported a 61.7 per cent clearance rate for Sydney last weekend, based on 399 reported auctions.
Propertydata.com.au announced a similar result for the week in NSW, with a 62 per cent clearance rate based on 296 auctions.
“The property market typically slows in December, however in the New Year we expect to see increased consumer confidence and more momentum in the market, especially given that the Research Bank of Australia (RBA) has now cut the cash rate to three per cent - the lowest it has been since September 2009,” said Real Estate Institute of NSW CEO, Tim McKibbon.
In Melbourne, APM said the auction clearance rate hit 65.3 per cent on Saturday, based on 291 reported auctions.
This was higher than that recorded by propertydata.com.au, which recorded a 60 per cent clearance rate for Saturday based on 875 reported auctions.
“With only around a thousand auctions scheduled to complete the year, it is clear the clearance rate for 2012 will be 61 per cent, two points higher than 2011,” said REIV CEO, Enzo Raimondo.