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for_saleSPRING fever hit Sydney’s real estate market yesterday with a near-record 650 properties listed for auction.

Thousands of buyers flocked to bid, taking advantage of steady interest rates and a slight softening of prices.

Anthony Ishac, general manager of research and valuations at Australian Property Monitors, said there had been a significant increase in the number of properties being listed compared with the same period last year.

Mr Ishac said sellers looking to upgrade were realising the benefit of solid price increases over the past 18 months. ”There has been strong market growth over the past 18 months but now prices have started to come off the boil a little bit,” he said. ”I think people are taking advantage of the capital gain they have made in their properties to sell and upgrade while interest rates are holding and before prices start to soften.”

At Leichhardt yesterday, 200 groups inspected a house at 64 Wetherill Street, which sold for $1.53 million. The four-bedroom, two-bathroom home on a 449 sq m block attracted plenty of interest due to its generous proportions. The successful bidders were Leichhardt locals.

Story by Rachel Browne and Anita Balalovski www.smh.com.au

Tags: buying, marketing, property, real estate, research, selling

Posted in News, Research

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