Auction clearance rates jumped to 70 per cent in the week after the election, up from 60 per cent in the middle of April, according to Cotality data, reports The Guardian.
Auction clearance rates above 70 per cent usually indicate sellers are in control of the market.
But listings remained low at 33,000 immediately after the election, up from 32,000 in April. At the time, this reflected sellers holding back, waiting for the May interest rate decision.
So what’s likely to happen for the rest of the year?
Growth of between 3 per cent and 10 per cent is forecast depending on a few things.
Firstly, the number of interest rate cuts we see this year will have an impact.
Secondly, household budgets are attracting economists’ attention after household spending fell in March following five months of increases.
The Albanese Government may spark further price growth as it introduces support programs for first home buyers, which tend to have the effect of inflating prices.
It’s going to be an interesting second half of the year for economists, property market commentators and most importantly, sellers and buyers.
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