The number of properties sold at auctions across Australia has increased to 73% in March 2010, up +11% on the same month in 2009, according to RP Data.

There was also an increase in the volume of properties at auction as they rose from 4,532 in March 2009 to 6,964 in March 2010 with a record number of 2,845 in the week ending 26 th March. In the same week last year, the clearance rate was 62% and there were only 1,571 auction properties.

Tim Lawless, RP Data’s research director said: "When you see rates above 70%, it consistently shows strong sentiment in the market. When an auction clearance rate is high, it means buyers are prepared to pay vendors a reasonable price."

Melbourne had the strongest auction clearances, with over 80% of properties sold that have gone under the hammer.