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Christmas rush on real estate in Melbourne and Sydney
Kevin Fordham
From Australian Property Monitors, Melbourne had 891 Saturday auctions and Sydney 466. Australian homebuyers are having a hard time investing on a real estate property as the interest rates increase to secure houses before Christmas.
2.3 per cent decrease to a still impressive 65.1 per cent from Sydney, while Melbourne's slipped by only 0.9 per cent to 72.6 per cent. The real estate industry has expected that the auction market in Australia's two largest cities will power on to Christmas.
Almost 25 points added in official interest rates and the third 0.25 per cent rise in as many months. Report said that this will continue until next year.
Melbourne's most expensive property was a house in South Yarra, that sold for $2.885m. The highest price paid in Sydney was $4.7 million for a 1901 federation manor in Kirribilli. This statistics is 72.6 per cent clearance rate was also 21.7 per cent higher than a year ago. Sydney's 65.1 per cent clearance rate was similarly 20.6 per cent higher.
Real Estate Institute of Victoria in Melbourne, auctioneers are on track to net $11.1 billion from 18,500 sales for the year, up from $10 billion last year.
REIV spokesman Robert Larocca said that despite the financial whack, rates were still comparatively low.
Source: http://realestate.blogs.ozfreeonline.com/australian-real-estate-news/christmas-rush-on-real-estate-in-melbourne-and-sydney/
12/15/2009
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