Home buyers were blissfully unaffected by this week's 0.25 per cent rise in the interest rate, the second time the Reserve Bank has hiked the rate in as many months.
The Real Estate Institute says that 81 per cent of the 498 properties up for auction this week sold.
While it takes months for the full effect of a rate rise to be felt, many market watchers are taking the result as a sign that buyer confidence is strong enough to weather the immediate shock of two sequential increases.
With agents and buyers' advocates still reporting multiple bidders at most inner-city auctions, competition is expected to remain tight with less than six weeks remaining until the market hiatus over the Christmas holiday period.
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