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Rates impacting on property prices

29/06/2010

An experienced property analyst has predicted a fall in house process in Sydney and Melbourne if the central bank maintains it rising interest rate policy. Auction clearance rates dipped about two per cent to about 60 per cent last weekend in Sydney and Melbourne, indicating a cooling property market. "There is a correction starting to take hold in certain parts of the country," said Sydney-based SQM Research director Louis Christopher.

"Overall in the second half of this year, it's likely the Australian Bureau of Statistics is going to record a fall in house prices for the September and December quarters, unless we have a cut in interest rates." Capital city house prices rose 4.8 per cent in the March quarter of 2010, to post a 20 per cent rise in year, the ABS said in May.

Source: The Age



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