NEWS
The booming property market has shrugged off last week's interest rate rise, with strong auction clearance rates recorded across the nation at the weekend.
According to Australian Property Monitors, the total weekend auction revenue for Sydney, Melbourne, Brisbane and Adelaide was $100 million higher than at the same time last year.
APM head of research Yvonne Chan said the figures showed buyers remained confident, despite the threat of future rate rises. "The (latest) rate rise was well anticipated. The fact that it didn't move at all the month before was the bigger surprise," Ms Chan said.
"House prices are likely to go up by at least 10 per cent by the end of this year so buyers and investors are very much wanting to get in now before it's too late."
Source: The Australian
Published: 08 March 2010