Australia's home auction clearance rates rise

TUMBLING Australian home prices may have found solid ground amid the worst property downturn in a generation as the real estate industry experiences a revival in auction demand, data showed. Australia's central bank has been closely watching housing market weakness as two years of price declines have eroded wealth, undermining consumer confidence and spending power. The country's housing stock is worth around A$6.8 trillion (S$6.5 trillion), or almost four times annual gross domestic product, according to estimates from the Australian Bureau of Statistics. Auctions are a bellwether of demand and real estate industry participants hope buyer interest has returned, with clearance rates rising across state capital cities.