Wednesday, April 16, 2003

Sydney land boom - accelerating rates of increase
'Runaway Sydney house prices outstripped all other mainland capitals in the December quarter, rising 8 per cent, according to the Real Estate Institute of Australia. A housing investment in Sydney returned 26.3 per cent in 2002. These stellar returns have proved irresistible to investors, especially with global sharemarkets in turmoil. Borrowing for investment in residential construction rebounded in February, rising 69 per cent to $613 million, separate Bureau of Statistics figures showed yesterday. This follows record borrowing for this purpose of $979 million in December.'

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