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Sydney Property Market Predicted to Increase

By Louise Morrin

Sydney's strong performance in the Australian property market last year was a hot topic in property circles.

The area is geared up for a "solid start to 2014," according to an Australian Property Monitors report, prepared in January. This may prove beneficial for homeowners with property in Carlton, who are looking to sell.

Australian Property Monitors released its Housing market report: Capital City market report, which dubbed Sydney the "standout performer amongst the capital city markets" for 2013.

High enthusiasm and confidence levels are predicted to drive the Sydney housing market this year.

This rings particularly true for the "mid-price range inner and middle-ring suburban buyer," according to the report.

A year ago, auction clearance rates were 54 per cent in Sydney. In December 2013 they jumped to 70 per cent.

Houses also spent less days on the market. December sales averaged 54 days on the market while 12 months ago, properties spent an average of 78 days waiting to be sold.

Sydney house prices are predicted to rise between 5 and 7 per cent this year, with much of this growth expected to occur during the first half of 2014.

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