Massive Oz house price increases likely to prompt increase rates rise

[Nicholas Wallwork]

Residential property prices in Australia increased 3.7% in September to a*six year high as fears now grow that interest rates will rise.

The latest figures from research group Australian Property Monitors*shows that Melbourne has the fastest growing real estate sector with*prices rising 6.1% in the third quarter of the year, the fastest quarterly*increase since 2003.

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