Australia home auction clearance rates rise

Demand increases: A couple walks past a real estate agent’s window advertising houses for sale and auction in Melbourne. The auction clearance rate in the city reached 70.6%, compared with 56.2% last year. — AFP

SYDNEY: Tumbling Australian home prices may have found solid ground amid the worst property downturn in a generation as the real estate industry experiences a revival in auction demand, data showed.

Australia’s central bank has been closely watching housing market weakness as two years of price declines have eroded wealth, undermining consumer confidence and spending power.