Sydney spring selling season starts

Sydney enjoyed a surprising increase in the number of houses sold at auction over the weekend, defying predictions of a flat spring sales season.

The clearance rate measured 61 per cent over the weekend of September 10 and 11, with 265 properties available in total.

According to sales data from Australia Property Monitors (APM), 179 properties were sold for a total in excess of $140.47 million - with a 51 per cent increase on the total number of properties sold over the beginning of the month.

Real estate programs often pay attention to these figures, as the spring period is traditionally a time of high turnover in terms of property sales.

The median house price was $760,000, with the highest amount fetched by a five bedroom house in MacMasters Beach at $2.3 million - while the lowest sale was for a two bedroom unit in Lakemba at $232,000.

Senior economist at the APM Dr Andrew Wilson said that the weekend's figures could give homeowners and investors some much needed confidence in the face of some dire industry predictions.

Wilson asserted: "The improvements are only slight, but many people were expecting clearance rates to drop further, so it's a good sign."