House sales and auction clearance rates in Australia increased last week,
offering initial signs of stabilization after a rate-driven downturn. Property
researcher Cotality said auctions across Australia's capital cities rose 1.2%
week-on-week to 1,734, and auction listings for the next seven days are expected
to exceed 2,000. Sydney held 709 auctions, roughly unchanged week-on-week;
Melbourne auctions climbed 18.4% to 612. Cotality said Melbourne's auction
clearance rate rose by nearly 10 percentage points week-on-week, boosting the
national reading. The firm said the latest data suggest the market may be
finding a bottom as buyers start to re-enter amid falling prices; the downturn
had been viewed as potentially one of the most severe in decades.