Million-dollar homes still selling well

Tuesday 22 June 2010

Article by Mozo

Homes with $1 million-plus price tags are selling at a rate of one every two hours, an expert has observed.

Mal James from Melbourne’s James Buyers Advocates said that the equivalent of 12 such homes have been selling every day at auctions for the past three weekends, the Herald Sun reported.

"There has been an incredible 180 sales over a million in the last fortnight including the Queen’s Birthday weekend," noted Mr James.

Robert Larocca, a spokesperson for the Real Estate Institute of Victoria, told the newspaper such a trend reflected the growing number of properties being put up for sale in general.

Last weekend saw 942 homes on offer at auctions in Melbourne – the largest number ever recorded for a winter weekend in the city.

Such fervent property buying may encourage more Aussies to compare home loans, particularly as the country struggles with a deepening housing shortage. A Mortgage Choice survey revealed last week that single people are among those struggling to secure a property in Australia’s highly competitive housing market.

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