housing market


PHOTO: Melbourne recorded the largest number of properties listed for auction. REUTERS

MELBOURNE Australia’s housing market has shown further signs of recovery, with the real estate industry experiencing improved auction demand at weekend auctions, although the number of properties listed for sale remains low.

Preliminary data released by property consultant firm CoreLogic showed an average clearance rate of 71.21 per cent for the 1,115 properties listed for auction in state capital cities during the last week of July.

Those numbers are slightly up from last week’s figures and well above a clearance rate closer to 50 per cent from 12 months ago.

Clearance rates show the percentage of properties sold at auctions and are an indicator of the health of the property market.