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Sydney apartments snapped up

New apartments in Sydney are selling out swiftly.

The burgeoning state of the property market in Australia has been highlighted by $400 million worth of apartments in Sydney selling within just a few hours.

A pair of new blocks on the city's north shore almost sold out just hours after going on sale, with buyers snapping up a record 378 units at Stamford Land Corporation's Macquarie Park Village development, reports the Australian.

Just a few homes at the new 126-unit luxury tower built by Chinese group Bridgehill in harbourside Milsons Point are still available after they went up for sale at the weekend too.

ANZ Banking Group chief Mike Smith explained the market is far from a bubble, despite the fact house prices are seeing strong growth in Sydney and many of Australia's other major cities.

He said: "We saw it come off during the crisis and move down and then a gradual stability period and now it's just edging up a little bit."

Australian Property Monitors recently noted that Sydney saw a clearance rate of 83.2 per cent from over 690 properties that went up for sale at auction on a recent weekend - indicating the high levels of demand for homes in the city.

Posted by Steve Douglas

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