According to RP Data there are early signs that lower interest rate are providing further stimulus to the property market. They are basing this conclusion on auction clearance rates during February being at their highest level for 6 years. In Sydney the clearance rate has averaged over 80% for the past 4 weeks.
The number of auctions being held has also increased by 9% over the corresponding period last year. While this cannot be attributed to the recent rate cut it does demonstrate that the long term lower interest rate environment is having an effect.
RP Data also reports that one of its leading market indicators, real estate agent activity, is also on the rise. Agents are requesting a higher than normal volume of Comparative Market Analysis reports. This should lead to an increase in the number of properties being advertised for sale in coming weeks.
For more information you can read the full article here.