One billion dollars of property sold in Melbourne

Melbourne recorded more than one billion dollars in residential real estate sales over the weekend with about 1,800 properties reported as sold according the Real Estate Institute of Victoria. The REIV said that the supply of new housing needs to be increased to stem rising prices, amid strong buyer demand.

The record setting weekend of auctions and property sales comes just two after the previous record setting weekend of 28-29 November when $949 million worth of property sold at auction. The government has been reaping a windfall bonanza from stamp duty during this latest property boom, collecting almost $350,000 per hour since July, or $1.3 billion.

A spokesperson said the government lost one billion dollars during the global financial crisis.

Source: Sunday Herald Sun