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Sydney property sales set to increase

Property prices are set to rise in Sydney.

Continued low interest rates and strong demand from buyers means Sydney property prices could increase in 2014.

The present clearance rate in the Australian city is now above 80 per cent - higher than the current national average high of 72 per cent.

Over the last 12 months, Sydney prices have risen by 14.2 per cent and it is expected the hotspots within the region could enjoy further rises of between 15 and 20 per cent as the market remains buoyant.

There is expected to be strong growth in the commercial sector during 2014, with global rents up by three per cent and Sydney is expected to be one of the world's most expensive office markets.

Westpac's chief economist, Bill Evans, is predicting expanding prices in Sydney but a possible slowdown in Melbourne.

He added: "I would expect to see continuing strong conditions in Sydney but a genuine topping out in Melbourne."

Posted by Steve Douglas.

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