Aggressive banks drive housing boom

The report quoted Real Estate Institute figures showing that it took an average of just 25 days to sell a house in August compared with 35 days in August last year and 51 a year earlier. A record 10,138 houses were sold nationwide during the month and the median price was an all-time high of $215,000, up 1.8 per cent on July and 16.2 per cent on August 2002.

The continuous stream of...