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Victoria booms in face of higher interest rates

18 November 2009 Reporter

The property market is still alive and strong in Victoria, Ray White’s Victorian general manager Marcus Williams has claimed.

The real estate franchise recently achieved three consecutive record monthly sales results for the first time in the company’s history.

Sales figures for October reached $410 million, a 40 per cent improvement on September 2008.

Mr Williams said a series of mega-auction events held in the last week of October was a major contributor to the company’s overall sales success.

Moreover, Mr Williams said the company’s high sales volumes were likely to stay strong into the near future, despite climbing interest rates.

“The market coped very well with last month’s decision to increase the cash rate by 0.25 per cent and it will cope with this latest decision to do likewise,” he said.

“We have lived for decades with rates far higher than they are at the moment.

“The move by the RBA will ensure property prices won’t outstrip inflation and it will help create a balanced property market.”

Victoria booms in face of higher interest rates
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