Would you describe the Sydney residential auction market as hot?

With Australian Property Monitors weekend clearance rate for Sydney topping 80% for the fifth week in a row, the auction market is strong. 

Observer Pete Wargent says that the exact colour description of the market may be a point for conjecture, but concludes the market is hot.

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Pete Wargent goes on to say "in Sydney expect property prices to break new record highs over the coming quarter."