NEWS
Australian house prices are likely to boom for at least three years following a record month for auctions and sales of nearly $1 billion yesterday, according to a leading economic forecaster.
''This is only the beginning,'' warned BIS Shrapnel chief economist Frank Gelber.
About $922 million worth of property changed hands yesterday, and once today's auctions are complete, the tally is likely to approach the record set two weeks ago of $949 million.
The clearance rate remains at about 80 per cent, compared with a typical weekend this time last year when one in every two properties was passed in.
Real estate agents say population growth, record low interest rates and a relaxation in foreign ownership laws are fuelling demand, as are stronger employment prospects.
Source: theage.com.au
Published: 14 December 2009