There are signs that investors are finally moving back into the property market after staying at the sidelines over the last 18 months.
The latest auction results from the Real Estate Institute of Australia (REIA) showed buyers are becoming more competitive in Sydney and Melbourne. Auction clearance rate over the weekend showed Sydney recording 76% and Melbourne at 87%.
David Airey, REIA president said the strong clearance results in these cities are an indicator of an improving property market and show that the market is not being held up by first home buyers.
"Auction results are a good indicator of underlying strength of the property market. These results show that there is competitive buying. We are seeing real change in a market that has been dominated by first homebuyers for the past 9 months. The properties that are selling at auction are generally not for first homebuyers, they are investors and second and third buyers," said Airey.
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