Higher housing sales and auction liquidation rates in Australia have brought hope for recovery to the property market, which has fallen into a slump this year due to rising interest rates. According to data from the real estate research agency Cotality, the number of auctions held in Australia's capital city rose 1.2% month-on-month to 1,734 last week, and is expected to exceed 2,000 in the coming week. The liquidation rate rebounded 4.3 percentage points to 51.5% after falling to a six-year low last week. Cotality said the recent data recovery was driven by a nearly 10 percentage point increase in Melbourne's single-city liquidation rate. This set of data brings a hint of optimism: against the backdrop of buyers entering the market at low prices, this may be the worst downturn in the Australian property market in decades.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.