It’s hammer time in Sydney

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Sydney saw its strongest auction clearance rate in two years last week, with 68% of advertised houses sold over two days.

It's a promising start to the spring selling season, said Australian Property Monitor's economist Andrew Wilson.

"It's a very strong result. It's been following an upward trend in the past four to six weeks," he told The Australian Financial Review.

The most expensive property sold was a Victorian terrace in Paddington, for $3.25m.

By comparison, Melbourne enjoyed a 58% sales rate this weekend, down from 60% last week.

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