Sunday October 6, 08:18 AM Yahoo News;
Average Sydney home to get $1m by Christmas
Property experts have reportedly warned buyers can expect to pay more than $1 million at auction for an average Sydney home by Christmas, if the house price boom continues.
Sydney house buyers paid an average of $935,000 at auction last month as the real estate market continued setting records, The Sunday Telegraph reports.
The newspaper says figures from Commercial Property Monitors (CPM) reveal the average price has been rising by about two per cent each month for most of this year.
"If sales continue at this rate, by December the average auction sales price in Sydney will hit $1 million," CPM director of research, John Wakefield, said
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Tends to remind me of the dot com bubble a couple of years ago.......
Real estate is experiencing a massive bubble partly because the reserve bank has low interest rates on hold due to the poor state of the international economy and the severe drought in rural Australia.
So the bubble could last a bit longer but boy oh boy there is going to be a bang sometime soon.
Dave R.
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