Core Insights - The auction of a federal-style house in Sydney's inner west saw a dramatic increase in bidding, with a rise of 1 million AUD in just 17 seconds, indicating improved buyer sentiment post-Easter and federal elections [1][3] - The preliminary clearance rate for major cities reached 70%, reflecting heightened activity in the auction market [1] - The property, located at 105 Macaulay Rd, sold for 5.5 million AUD, significantly above its starting price of 3.5 million AUD, amidst a surge in listings following recent holidays and elections [3] Market Activity - A total of 2,962 properties were auctioned this week, marking the second-highest auction volume of the year [3] - Auctioneer Damien Cooley reported a strong market atmosphere, with an average of 8.3 registered bidders per auction, more than double the average [3] - Despite a slight decrease in the overall clearance rate to 71.3%, experts suggest this is due to an influx of properties ahead of the upcoming King's Birthday long weekend, rather than a market slowdown [5] Economic Factors - Interest rate cuts and expectations for further reductions are contributing to renewed market momentum, with increased buyer confidence [5] - The clarity of election results has also bolstered buyer sentiment, alleviating previous political and economic uncertainties [7] - Preliminary clearance rates were reported at 69.9% in Sydney, 72.4% in Melbourne, and 64.9% in Brisbane, with Adelaide seeing 55.4% of auctioned properties sold [7]