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Boost confidence and demand in the housing market.
Encourage new housing developments and construction activity.
Cray pointed out that rising financing costs had previously hindered development and new supply, but with rates now decreasing, there is optimism that housing demand and construction activity will pick up throughout the year.
Summing Up: A Positive Outlook
Overall, the recent auction results and economic indicators suggest that the Australian housing market is experiencing a noteworthy turnaround, especially in Melbourne. The combination of increased migration, population growth, and favorable interest rates is set to drive continued recovery.