real estate news sydney

Despite the property downturn, Sydney remains Australia's number one luxury market for high-end real estate.

A prized riverfront holding in New Farm became the most expensive house ever sold under the hammer in Brisbane on Saturday.

There are enough empty dwellings in Sydney to house an entire city the size of Wagga Wagga or Tamworth - a population of 60,000 plus, according to one property research firm.

Preliminary auction clearance rates in Sydney nudged higher, as vendors adjusted their expectations to meet lower prices from savvy buyers.

Older properties are bearing the brunt of Sydney's high vacancy rates, as an apartment oversupply pushes the Harbour City firmly to a tenants market.

Buyers turned out in solid numbers, as the number of auctions scheduled across the capital cities surged above 2,000 for the first time this year.