Asian equities were largely buoyant on Tuesday, tracking a more than 1 percent jump on Wall Street overnight after Beijing unleashed new policy moves to rejuvenate a wobbly property market.

According to a statement on the People's Bank of China's website, the required down payment for second homes was lowered to 40 percent from 60 percent. In addition, select homeowners who have held a property for two years or more will be exempted from a sales tax, the finance ministry later announced.

The new moves are part of "Beijing's broader package of policies to stabilize economic growth and dis-inflationary pressures," according to HSBC's note. As policymakers become increasingly concerned, analysts expect more easing measures in the coming weeks: "A 50-basis-point cut in the policy rate, a 200-basis-point cut to the reserve requirement ratio... in the coming months, if not weeks," HSBC said.

On Monday, U.S. stocks surged amid encouraging talk of stimulus in China and as investors eyed the week's domestic economic data. The Dow Jones Industrial Average closed up 1.5 percent, while the S&P 500 and Nasdaq Composite gained 1.2 percent each.

Shanghai Comp up 0.1%

China's benchmark Shanghai Composite index retreated from fresh seven-year highs attained at the open, as developers pared gains.

While China Merchants Property (: Z24-CN) and Poly Real Estate (Shanghai Stock Exchange: 48-SZ) held on to 3.2 and 2.4 percent gains, China Vanke (: Z2-CN) - the mainland's largest property developers by market value - receded back to the flatline.

Brokerages were also higher, Haitong Securities (Shanghai Stock Exchange: 837-SZ) and Citic Securities (Shanghai Stock Exchange: 30-SZ) advanced nearly 3 percent each.

Helped by record full-year profits, railway manufacturers China CNR (Shanghai Stock Exchange: 1299-SZ) and CSR (ASX: CSR-AU) notched up 14 percent each.

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ASX jumps 0.9%

Australia's S&P ASX 200 index recouped nearly all of Monday's steep decline.

Oil and gas producers, along with miners, were among the biggest gainers after being heavily sold-off in the previous session. Liquefied Natural Gas (ASX: LNG-AU) jumped 4.3 percent, while Santos (ASX: STO-AU) and Woodside Petroleum (ASX: WPL-AU) climbed more than 1 percent each. BHP Billiton and Rio Tinto rose 3 and 2.2 percent, respectively, despite iron ore prices slumping to a six-year low overnight.

"Although they're bouncing today, investors should remain wary of the sector. Further falls in commodity prices are expected over the coming months, which could certainly inflict more pain," Motley Fool's analysts wrote in a report.