NEWS
Continuation of last year's housing boom
Despite the threat of more interest rate hikes, the nation's property market continues its stellar run, with strong clearance rates on the first big auction weekend of the year.
APM head of research Yvonne Chan said the figures showed property markets were streaking ahead. "The market now is a major improvement on what we had a year ago," she said. "And with the improved unemployment rate and no change to interest rates last week, the auction clearance rate should stay strong."
Economist Matthew Bell said the medium- to long-term outlook for property prices remained strong "as high population growth, rising incomes and a relative lack of new supply means there will simply be more demand for housing than supply".
Source: The Australian
Published: 08 February 2010