Australians Incite Bidding Wars as Rates Spur Rebound

Australians Incite Bidding Wars as Rates Spur Rebound

Torsten Blackwood/AFP/Getty Images

James Keenan, eastern suburbs real estate auctioneer, right, takes bids during a multi-million dollar house auction in Sydney on May 8, 2010. More than three-quarters of homes that went to auction in the city last weekend sold successfully, while in Melbourne, the proportion is at 65 percent, APM figures show.