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The Australian property market may be bouncing back two months into 2019
Clearance rates in Sydney, Melbourne, Brisbane and Canberra increased
There had been speculation surrounding a devastating pricing plunge soon
More than 150 people turned out to an auction to see a record bid of $23 million

By Brittany Chain For Daily Mail Australia

Published: 10:39 EST, 24 February 2019 | Updated: 11:35 EST, 24 February 2019

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The Australian property market could be bouncing back, despite months of speculation surrounding a sudden and potentially devastating price plunge.

CoreLogic data showed there were 2,303 homes taken to auction this week, with a clearance rate of 54.1 per cent.

That marks a rise since last week, when 1,450 auctions were held with a clearance rate of 51.2 per cent, The Australian reported.

The outcome has renewed optimism among homeowners and investors, who hope the trend may carry throughout 2019 and see a steady rise in house sales.

The Australian property market may well be bouncing back after weeks of speculation surrounding a sudden and potentially devastating price plunge

More than 150 people turned out on Saturday to watch property mogul Stephen Burcher's home (pictured) go to auction

But the market has not bounced back to where it was this time last year, when a clearance rate of 66.8 per cent was recorded.

Sydney and Melbourne, which make up 60 per cent of the country's housing stock, both saw clearance rate increases, but those may shift as more results come in.

'It will be interesting to see how clearance rates hold up now that auction volumes have started to pick up,' a CoreLogic researcher said.

The Canberra and Brisbane markets also saw a weekly rise in clearance rates.

The hotly anticipated auction had six registered bidders, but some did not put in an offer on the day

The five-bedroom and five-bathroom home was initially priced at $25million but didn't reach the asking price

Damien Cooley, managing director of Cooley Auctions in Canberra, said it could point to 'early signs' a new level was being set in the city's market.

More than 150 people turned out to watch property mogul Stephen Burcher's home in Rose Bay, in Sydney's east, go to auction on Saturday, when it was passed in with an offer of $23.25million.

The previous bidding record was held by the Le Manoir estate in Bellevue Hill, which sold in 2009.

The hotly anticipated auction had six registered bidders, with the highest offer coming from a Chinese buyer, Domain reported.

The five-bedroom and five-bathroom home was initially priced at $25million, with sprawling views of the harbour, a private boat shed and an internal lift across the three level property.