Red-hot Sydney property market hits highest clearance rate in more than a year

The Sydney property market continues to surprise with the auction of a Birchgrove terrace on Saturday fetching well above its reserve.

The auction of a Birchgrove terrace on Saturday was rapid, abrupt and left punters gasping for breath, according to Domain.

The two-bedroom artist’s haven in the peaceful inner west enclave sold for $1,482,000 – $132,000 more than its reserve. Not bad for a place with no parking.

It was one of 578 auctions held across the city on the weekend. By Saturday evening Domain Group had collected 394 results and put the clearance rate at 85.1 per cent.

“It was a stunning result for a red-hot Sydney market as the clearance rate bounced back hard to record its highest result since June last year,” said Domain Group’s chief economist Andrew Wilson.

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