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INTEREST RATE RISE HELPS SOFTEN AUSTRALIAN REAL ESTATE PRICES.
(From Asia Pulse)
SYDNEY, Nov 18 Asia Pulse - Rising interest rates have helped take some of the steam out of Australia's real estate market as price rises begin to show signs of plateauing and short-term speculators exit the market.
Clearance rates at auctions in New South Wales over the past two weekends were an average 56.5 per cent, down from 70 per cent and more at the beginning of the year.
Initial figures gathered by the Real Estate Institute of Australia showed a definite slowing in the rate of increase in prices Australia-wide over the past five months.
And Real Estate Institute of New South Wales (REINSW) president Rowen Kelly …
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