The spring selling season is off to a remarkable start, with auction clearance rates soaring above 70%, signalling renewed confidence in the property market.

Last week, the national preliminary auction clearance rate hit an impressive 71.2%, marking the strongest commencement to the spring selling season since the onset of the pandemic. Adelaide led the charge with the highest clearance rate at a staggering 82.8%, followed closely by Sydney at 73.8%, Melbourne at 69.3%, Brisbane at 66.7%, and Canberra at 63.6%.

According to SQM Research's Managing Director, Louis Christopher, these results underscore a resurgence in confidence, driven by an increase in property listings. He notes, "During 2022, people were quite reluctant to list during the downturn, but the pickup in buyer demand has emboldened vendors during this spring selling season."

Despite the challenges posed by high financing costs, there has been a remarkable surge in bidding activity, and properties are selling surprisingly easily.

The spring real estate market appears to be defying earlier predictions, with buyers demonstrating a strong appetite for properties. As we progress further into the season, it will be intriguing to see how market dynamics continue to evolve and whether this surge in confidence translates into a sustained period of growth.

D Collins