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Investors shrug off warnings with weekend property binge
The red-hot east coast auction markets continued unabated on the weekend as investors snapped up anything with four walls and a roof.
The Real Estate Institute of Victoria put Melbourne's clearance rate at 85%, compared to 78% for the same weekend last year. In Sydney, the clearance rate was 68%, according to APM.
In Melbourne, the heaviest demand was felt in wealthier suburbs such as Malvern East, Toorak, Brighton and Kew, where supply is extremely tight. More than 100 properties sold for over $1m in the Victorian capital.
A number of industry leaders, including developer groups, economists and REIA have recently issued warnings about overheated property prices.
"Interest rates, population pressures, volcanoes - I'm not sure what is going to stop this speeding train," said Mal James of James Buyer Advocates. "It does need to and should slow down some time."
By BN | 19 Apr 2010
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