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High demand for Australian family homes

Family homes are being snapped up rapidly.

Family homes in Australia are being snapped up as soon as they come on to the market in many parts of the country.

With mortgage rates at a low and affordable level, investors and families are keen to get a bargain before house prices rise too much.

George and Carol Reid of Narraweena are among the homeowners to have seen huge demand for their property, reports the Herald Sun.

They listed their two-bedroom cottage up for sale and had received two offers for the property before anyone had even viewed it.

Agent Denise Booth described the market between $800,000 and $1 million as being "crackers", adding: "I will have to take this property to auction, there is just so much interest, it isn't fair to sell it early."

Data released by the Australian Bureau of Statistics this week showed house prices are rising quickly all over the country, particularly in Brisbane, Sydney, Melbourne and Hobart.

However, the picture is less certain in Adelaide and Canberra, where property values fell during the September 2013 quarter.

Posted by Steve Douglas

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