Sydney property clearance sales hit 71 per cent

Clearance sales of property in Sydney hit a two-year high over the weekend, new figures have shown.

According to the Australian, the clearance rate of homes for sale in the city reached 71 per cent, a 21 per cent increase on the previous weekend and 15 per cent higher than the corresponding date in 2008.

The jump, which comes after the country's Reserve Bank reduced interest rates by one per cent to 3.25 per cent, received a cautious welcome from senior economist at Australian Property Monitors Liam O'Hara.

"It is a huge lift, but it's a weekly result and we don't know whether this is a one-off, or if there is going to be a permanent level of confidence," he told the news source.

A survey conducted earlier this month by furniture removal firm Pickfords revealed the country is growing in popularity with Britons looking to emigrate, with Queensland being the number one choice for movers.

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