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Sydney leads Australian property rush

Sydney recorded a clearance rate of around 80 per cent over the past week.

Sydney is at the forefront of Australia's property rush as the city is continuing to perform well in recent weeks.

The city's clearance rate currently stands at around 80 per cent as homebuyers are snapping up property in the area.

Analysts explained that one of the main reasons behind this activity is record low interest rates that are prevalent around Australia at the moment.

Speaking to ABC News, Louis Christopher, managing director of real estate research firm SQM, explained that the likes of Brisbane and Melbourne both have more houses on the market yet Sydney is still outperforming the two.

"The reality is is that over the past 12 months, listings have come down fairly quickly in Sydney. So stock has been absorbed as buyer demand has increased," Mr Christopher added.

Recent research of historical analysis has shown that the federal elections has the potential to lower property values in Melbourne, according to the Secret Agent Buyers' Advocacy.

Posted by Steve Douglas

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