Rate rise won’t affect home market

Real estate agents have said that any interest rate rise would not affect the residential housing market much, as buoyant areas are expected to remain strong and weaker areas will not improve. Home buyers were not deterred in the lead up to the central bank's decision and auction markets around the nation were strong last weekend. The Australian Property Monitors said the clearance rate was 78.4 per cent in Melbourne, 66.7 per cent in Sydney, 71.4 per cent in Adelaide and 55.8 per cent in Brisbane.