February's rate cut appears to be fanning flames in the already overheated property markets of Sydney and Melbourne.

Figures from CoreLogic RP Data show Sydney’s auction clearance rate spiked to its highest level in a year last week, at 83.3 per cent.  And Melbourne’s auction clearance rate skyrocketed, lifting 10 per cent from the previous week to 70.9 per cent. Meanwhile, the number of auctions scheduled in Melbourne…