In the first weekend following the Reserve Bank of Australia's latest interest rate hike, the national property auction market defied expectations by rising, demonstrating remarkable resilience.
⬜A total of 1,593 homes went to auction across Australia last week, with the preliminary clearance rate climbing to 73.7%, marking a new high since last year's spring selling season.
⬜Sydney was the standout performer, with approximately 602 properties auctioned and a preliminary clearance rate reaching 79.6%, the strongest result since August of last year.
⬜Melbourne saw about 638 auctions during the same week, with a clearance rate of approximately 67.9%, indicating a stable market.
⬜Cities including Brisbane, Adelaide, and Canberra also maintained healthy levels, with clearance rates near or exceeding 70%.
Experts generally agree:
A single interest rate hike is unlikely to dampen the genuine demand for housing in the short term. Instead, a lack of supply and soaring rents continue to underpin property prices and auction competition. For those with urgent needs and long-term investors, the willingness to bid remains very strong whenever quality properties hit the market.
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