Higher auction clearance rates, the latest ABS housing finance data and the return of property investors are all signs the property market is consolidating, according to the Real Estate Institute of Australia (REIA).

REIA president David Airey pointed to Australian Property Monitors (APM) statistics that showed that Sydney clearance rates were up to 69.3% in the first two weeks of August, from compared to 47.5% twelve months ago. In Melbourne auction clearance rates are at a 12 month high of 87%.

He also highlighted ABS figures which showed house finance commitments – excluding refinancing – were at 18 month highs and ABS investment housing finance commitments, which rose again in June following three straight months of increases.

Other positive signs are the increasing level of investors and the first signs that the influence of the FHOG Boost is beginning to abate, Airey said.

“These are strong signs of a healthy property market ahead,” he said.

Source: http://www.brokernews.com.au/news/real-estate-institute-upbeat-about-property-market/36647