The REIV expects a new record to be set in this weekend’s residential property market with a billion dollars worth of homes expected to be sold.
REIV CEO Enzo Raimondo said that there were 1095 auctions this weekend – an increase on a fortnight ago when 1050 homes were auctioned.
“Two weeks ago a record number of auctions for the year were conducted and this weekend we expect a new record.
“Not only will there be more auctions than any weekend since the 19th and 20th of April 2008 but we are on track to record a billion dollars worth of sales for the first time.
“The combined total of auction sales and private sales reported to the REIV on the 28th and 29th of November was $949M, a result which surpassed the previous high of $948M on the 27th and 28th of October 2007.
“Results have shown that in the lead up to Christmas demand for residential property is proving to be very strong. This demand is being driven by a couple of factors, a healthy economy, high confidence levels and a population that is growing at around 1,700 people per week.
“As we head into 2010 it is clear that the supply of housing needs to be increased and if it is not there will continue to upwards pressure on house prices and rental costs,” Mr Raimondo concluded.
REIV CEO Enzo Raimondo said that there were 1095 auctions this weekend – an increase on a fortnight ago when 1050 homes were auctioned.
“Two weeks ago a record number of auctions for the year were conducted and this weekend we expect a new record.
“Not only will there be more auctions than any weekend since the 19th and 20th of April 2008 but we are on track to record a billion dollars worth of sales for the first time.
“The combined total of auction sales and private sales reported to the REIV on the 28th and 29th of November was $949M, a result which surpassed the previous high of $948M on the 27th and 28th of October 2007.
“Results have shown that in the lead up to Christmas demand for residential property is proving to be very strong. This demand is being driven by a couple of factors, a healthy economy, high confidence levels and a population that is growing at around 1,700 people per week.
“As we head into 2010 it is clear that the supply of housing needs to be increased and if it is not there will continue to upwards pressure on house prices and rental costs,” Mr Raimondo concluded.
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