Preliminary data shows that weekend's auctions across the country resulted in more sales, with the national clearance rate rising from 67.3 per cent to 70 per cent. Melbourne had a particularly strong weekend, with the auction clearance rate rising from 65 per cent to 74 per cent. The same weekend last year saw a clearance rate of 70 per cent, said REIV CEO Enzo Raimondo. 445 auctions were reported to the REIV today, with 328 selling and 117 being passed in, 58 of those on a vendor bid.

The auction clearance rate in Brisbane was 49 per cent, and in Adelaide it was 54 per cent. Sydney's auction clearance rate was 77.9 per cent, down from 80.5 per cent for the previous week. There were more than 500 auctions scheduled in both Sydney and Melbourne over the weekend over 100 in Brisbane.

Mortgage Choice notes that the interest rate cut in February has resulted in a sharp rise in applications for home loans, reports The Australian Financial Review.