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Confidence boosts auction sales
Increased consumer confidence coupled with good weather boosted auction sales over the weekend in Sydney.
Australian Property Monitors revealed that clearance rates in Sydney hit 61%, up from the previous weekend of 49%. Of the 205 homes on auction, 147 were sold and 31 were withdrawn.
The total median price was $737,500.
Clearance rates are still lower than this time last year, however numbers in 2009 were boosted by the government's increase to first home buyer grants.
According to the Sydney Morning Herald, APM's head of research Yvonne Chan credited the improved rate to heightened confidence among investors.
The Westpac-Melbourne Institute Consumer Sentiment Index rose 11.1% between June and July to 113.1.
Westpac's chief economist Bill Evans stated that the news might not be good for mortgage holders.
"The return of confidence levels to 11.4% above its long term average only adds to the case for a rate hike," he said.
By Andrea Cornish | 19 Jul 2010
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