Clearance rates at auctions are showing promising signs of recovery, as Melbourne's 81 per cent clearance rate gives hope.
Agents say demand demand is growing with good competition with most auctions. However the 475 auctions do show a 20 per cent fall on the same weekend last year.
Since February the market has stablised somewhat with many of the weekend auctions enjoying at least two bidders, the occasional auction had none and the exceptional auction had seven. In the east, Jellis Craig's Richard Jellis reported a 78 per cent clearance rate from 27 auctions. He said May was "always going to be a good month" after April was disrupted by Easter, school holidays and Anzac Day.
Moves to lower interest rates and substantial benefits for first home buyers are seeming to be working as housing weathers the financial crisis.
According to real estate agents the apartment market is exceptionally strong, with "..anything between $500,000 and $600,000 is selling really well."
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