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Australia’s housing market is suddenly heating up again

After a two-year slide, Australian house prices look to have bottomed out, sending buyers flocking back to the market.

Case in point: An auction for a four-bedroom house in the Sydney suburb of Ryde on Saturday attracted about 100 people. Spirited bidding pushed offers A$226,000 above the reserve price, before it finally sold for almost A$1.5 million ($1 million) — a buzz last seen during the boom years.

“A lot more people now are getting concerned that things are going to go up in the next six to 12 months so they’re trying to buy now,” said real estate agent Phil Allison, who handled the sale. As recently as six months ago, it was difficult to elicit a single bid at an auction for a house just around the corner, he said.

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Australia’s Housing Market Is Suddenly Heating Up Again
By Sybilla Gross
August 8, 2019, 5:00 AM GMT+10 Updated on August 8, 2019, 12:01 PM GMT+10