Auction clearance rates rose strongly last week following the federal election, led by far stronger performances from the Sydney and Melbourne markets.According to data from CoreLogic, median home prices in Sydney and Melbourne also increased last week.The federal election result, along with likely rate cuts from the RBA and an easing in lending standards from APRA, may have contributed to the recent improvement in conditions in Australia’s largest and most expensive housing markets.Further housing-related data in the period ahead will help to determine whether a turning point for the property market is currently underway. Auction clearance rates rose strongly last week following the federal election, led by far stronger performances from the Sydney and Melbourne markets. Prices in both major cities also increased, bucking the trend seen for well over a year. According to CoreLogic, Australia’s preliminary combined capitals clearance rate jumped to 62.6%, a sharp improvement on the 57.0% level...

Victoria and New South Wales again share the title of the nation's best-performing economy, with the two states each benefiting from solid population growth and strong job markets, driving retail spending and business investment. In the second consecutive quarterly survey Victoria and New South Wales share the top spot of best performing economy, amid the nation's slowing housing sector. The report shows Victoria’s economic activity was 26.9 per cent above its decade-average output, the best result in the nation, and 1.5 percentage points ahead of New South Wales in the December quarter. “It is very, very clear New South Wales and Victoria are the best performing economies,” CommSec's chief economist Craig James said. While the ACT's housing strength has ensured its joint ranking in third spot with Tasmania. Australia's capital had the second-largest annual population growth, at 1.93 per cent, behind Victoria at 2.2 per cent. The results are part of CommSec’s quarterly...

Star promise no extra pokies in spectacular new $2 billion development The boss of the Star Entertainment Group says its proposed $2 billion Broadbeach masterplan does not require any more pokies added at the site. Star CEO Matt Bekier, who revealed to the Bulletin new artist impressions and details of its seven-tower vision, promised the expansion plan would include no request to add to its 1600 pokies. “I’m happy to put that stake in the ground,” he said. “If you look at our expansion plans they are really focused on the tourism business. “We think this market has enough slot machines and if those tourists gamble, they are mostly likely to play table games where we have spare capacity. These plans are not contingent on expansion of pokies.” The commitment is a major line in the sand from The Star as debate heats up on the Gold Coast about whether...