Auction clearance rates nationally have risen for the third week in a row, an early sign that the housing market may be close to finding a new balance as sellers reduce their expectations and more buyers emerge.
Admittedly, that consolidating group of buyers may be “fleeting” and could depart in the face of further rate increases, Mr Christopher said. Nevertheless, given more rate increases were already anticipated, a pause in the rate cycle could be enough to spur a rally, he added. Among them was the five-bedroom home at 46 Garden Grove, Carrara on the Gold Coast, which sold for $6.68 million.
Mr Palmer said he was still seeing strong migration into Queensland, particularly to the coastal areas.Meanwhile, in Melbourne, buyers agent David Morrell, of MorrellKoren, said scarcity of stock relative to demand was supporting prices at the top-end, a contrast to the broader sentiment of a weakening market.