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Sydney housing sector 'is warming up'

More homes are being sold in Sydney now than during the same time last year.

Clearance rates of more than 60 per cent are now becoming a regular fixture of Sydney's auction sector, highlighting an upturn in the city's property market.

Last weekend witnessed clearance rates of 62 per cent, with the previous weekend recording rates of 67.3 per cent, demonstrating how the warming weather is having a positive impact on buyer attitudes, Australian Financial Review reports.

APM senior economist Andrew Wilson commented: "There were solid numbers of homes auctioned despite the distractions of the Labour Day long weekend and the footy finals."

He added that more than 300 properties were sold in Sydney last weekend, a figure considerably up on the same time last year when it auction houses were only witnessing approximately 50 per cent in completions.

Simon Pilcher, of Pilcher Residential, recently told the Age this upturn in demand for housing in the city is an "exciting" development and could be the start of resurgence in buyer activity.

Posted by Steve Douglas

- Sydney, prices, auction

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