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.

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.