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Australian property 'becoming a sellers' market'

Sellers look poised to benefit as confidence returns to the Australian property sector.
The Australian property market is starting to favour sellers once more, experts believe.

Analysts have been encouraged by high auction clearance rates in major cities this year and many now feel confident that market activity will continue to pick up for the rest of 2013, the Australian reports.

Australian Property Monitors senior economist Andrew Wilson told the newspaper that the market has enjoyed the strongest start to a year since 2010.

"It has been a buyers' market for years; now it is at last again becoming a sellers' market," he commented.

Mr Wilson added that an "extraordinary number of auctions" had been scheduled to take place in Melbourne and Sydney in the lead-up to Easter.

Meanwhile, property in Western Australia is expected to witness particularly strong growth, with the state's population expanding by more than three per cent each year.

Perth real estate agent Paul Di Lanzo told the publication that competition for homes in the city is currently "white hot".

Posted by Craig Francis

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