House prices in Australia are expected to continue their strong growth.
Australian property prices are rising strongly and show no signs of slowing, according to analysts.
Figures from the Real Estate Institute of Victoria (REIV) revealed weekly sales of a record AUS$1.025 billion (£615 million) as buyers took advantage of low interest rates.
More physical sales have been seen before, but not passed the billion dollar mark, research manager Robert Larocca told AFP.
"So that's partly a sign of how strong the market is and it's also a sign that people are spending more than they have in the past," he commented.
People have confidence in the Australian property market and the wider economy, Mr Larocca continued.
Further growth is expected in all capital cities in the first quarter of 2010, added David Airey, president of the Real Estate Institute of Australia.
To aid first-time buyers in getting on the Australian property ladder the REIV has called for the government to continue the grant system or give such people an exemption from stamp duty.
Posted by David McElwain
Australian property prices are rising strongly and show no signs of slowing, according to analysts.
Figures from the Real Estate Institute of Victoria (REIV) revealed weekly sales of a record AUS$1.025 billion (£615 million) as buyers took advantage of low interest rates.
More physical sales have been seen before, but not passed the billion dollar mark, research manager Robert Larocca told AFP.
"So that's partly a sign of how strong the market is and it's also a sign that people are spending more than they have in the past," he commented.
People have confidence in the Australian property market and the wider economy, Mr Larocca continued.
Further growth is expected in all capital cities in the first quarter of 2010, added David Airey, president of the Real Estate Institute of Australia.
To aid first-time buyers in getting on the Australian property ladder the REIV has called for the government to continue the grant system or give such people an exemption from stamp duty.
Posted by David McElwain
