Indicating a strong market for real estate in Sydney, the recent weekend's (February 23-24) auction results yielded a clearance rate of 76.3 per cent.
That result marks some of the best rates seen in a number of years, with similar activity not experienced since 2010. Last weekend's results follow a 71.6 per cent clearance rate from the previous weekend, indicating growing momentum, according to Australian Property Monitors.
The success rate for the same weekend last year was 56.6 per cent - suggesting just how far the market has come in such a short space of time.
Sydney's inner-west proved to be the hotspot in the city, with a clearance rate of 83 per cent and a monopoly of listings.
While the upper end of the market has been quite dormant for a few years, the recent weekend's sales saw a number of properties sold that are worth more than $2 million.
A six-bedroom Vaucluse property was sold for the highest amount, going under the hammer for $5.15 million.
Western Sydney is expected to see property sold with fervour down the line, with land required for the city's second airport - should it get beyond the planning stage.
The Daily Telegraph reported that Badgerys Creek land that was bought for little more than $10,000 in the 1970s could be worth millions today.
Owners of such land, Harry and Brigette Green, told the publication that it has been a 40-year waiting game.
