Investors, second and third buyers activate property market

National real estate association, The Real Estate Institute of Australia says strong auction clearance results in Sydney and Melbourne over the weekend indicate that the property market is not being propped up by first home buyers alone. 
 
Auction results indicate underlying strength, and the weekends’ demonstrated interest from investors as well as second and third buyers, said REIA president David Airey.

“To buy at auction, people must have their finance approved and in a market that’s pretty tough for finance this is a very strong showing. We are seeing a real change in a market that has been dominated by first home buyers for the past nine months,” said Airey.

The strongest results were evident in Sydney and Melbourne with clearance results of 76% and 87% respectively. 

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