Australian Real Estate Sales Booming Before Christmas

It is good to see that at least some where real estate sales are booming:

HOMEBUYERS are shrugging off the pain of interest rate rises in a race to secure houses before Christmas.

Sydney clearances were down by 2.3 per cent to a still impressive 65.1 per cent, while Melbourne’s slipped by only 0.9 per cent to 72.6 per cent.

The real estate industry has predicted that the auction market in Australia’s two largest cities will power on to Christmas.

Although last Tuesday’s 25 basis points increase in official interest rates – the third 0.25 per cent rise in as many months – is expected to slow booming real estate sales in the new year, November and December are historically the busiest for auctions.

According to Australian Property Monitors, Melbourne had 891 Saturday auctions and Sydney 466.

The highest price paid in Sydney was $4.7 million for a 1901 federation manor in Kirribilli.

Melbourne’s most expensive property was a house in South Yarra, that sold for $2.885m.  [Herald-Sun]