Sydney has recorded its most successful auction week in more than two years, with analysts saying market confidence has increased significantly since the federal election result was followed by interest rate cuts and an easing of lending restrictions.

Sydney had 522 auctions last week, recording a preliminary clearance rate of 75%. This was higher than any final success rate recorded in the city since April 2017. Over the same week last year, a clearance rate of just 49% was recorded across 708 auctions in the NSW capital. In Melbourne, 725 auctions were held last week with preliminary results returning a 68% clearance rate. Over the previous week, 215 auctions were held with the final clearance rate coming in at 63%. This time last year, 992 homes were taken to auction and a final clearance rate of 56% was recorded.

CoreLogic’s national auction commentator Kevin Brogan says the result was “significant”, with market confidence buoyed following the interest rate cuts and state and federal elections. “I think when you hear people talking positively about the state of the marketplace, that inspires new-found confidence,” he says.