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Anybody off to Sidney ?

Anybody off to Sidney ?

Old Sep 6th 2002, 4:14 am
  #1  
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Default Anybody off to Sidney ?

House prices could sky rocket

September 06, 2002
SYDNEY house prices could sky rocket after the Reserve Bank of Australia (RBA) left interest rates at 30-year lows, a property specialist has warned.

CPM Research today warned the historically low level of interest rates in Australia might push the Sydney residential market to new heights.

Earlier this week the RBA chose to leave the official cash rate at 4.75 per cent after raising rates by 25 basis points in both May and June.

CPM Research's August auction result survey showed the auction clearance rate, at 72 per cent, was still indicative of a strong market.

Previously the survey found the auction rate had tapered off after the two previous rates rises from a high of 84 per cent in April.









CPM said Sydney house prices had continued to rise at a rate of 2 per cent a month during 2002, semi-detached houses at 2.3 per cent and home units at 2 per cent.

"The ongoing favourable interest rate level should allow this growth to continue," CPM said.

According to the House Price Index, released by the Australian Bureau of Statistics yesterday, Australian house prices rose an average 4.9 per cent in the June quarter and 18.9 per cent for the year to June.

Sydney led the way, posting the biggest annual rise of 21.7 per cent, followed by Brisbane (21.3 per cent) and Melbourne (19 per cent).

CPM said its survey showed the median price achieved at auction for houses in Sydney jumped 16 per cent in August, compared to August 2001.

In August 2002, the median price of a house in Sydney was $704,000.

CPM added the amount of properties on offer was also very high for this time of year, with 1482 properties offered in August, compared to 1451 in July.

"The unseasonably warm winter is part of the explanation, but the sheer strength of the market is reason enough for vendors to sell," CPM managing director John Wakefield said.


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Removed by Moderator as considered scaremongering after received complaint
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Old Sep 6th 2002, 8:44 am
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Default Re: Anybody off to Sidney ?

Removed by moderator. See above.

Oooh scary!

I was born and bred in South Africa, where crime is as common as the garden snail and you learn to live with it. So give the rest of us some credit and leave the scare stories out. I'm sure everyone's experienced some sort of crime somewhere along the line whether it's here in the UK, Australia or the paradise that is Mauritius.

BTW: good to have someone like yourself on this forum - makes for a good argument, but you really need to get out more.
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