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Legislative Assembly for the ACT: 1999 Week 7 Hansard (2 July) . . Page.. 2138 ..

MR HUMPHRIES (continuing):

I do not know whether Dr Goebbels wrote this article, according to the Opposition's nomenclature. He probably wrote the editorial that they are so upset about. I do not know what Dr Goebbels has been doing to upset you lot over there, but let me quote from this article. It states:

Canberra's real estate market is in a strong recovery mode with record house prices and the highest rental demand of all capital cities.

The Real Estate Institute of the ACT has seized on recent buoyant house sales and a steadily rising demand for rental properties as the most important development for Canberra's economy in a decade.

It further states:

Institute president Craig Bright said yesterday that he believed the industry was at its most buoyant since the mini-housing boom in 1988.

The surge in interest from investors was a significant indicator of a strong recovery in Canberra's economy, hit badly by job cuts across the public sector in recent years.

Canberra's rental vacancy rate stood at 1.8 per cent, compared with Sydney 2.3 per cent; Melbourne 2.2 per cent; Brisbane 4.4 per cent ...

It goes on to state:

"We are getting million dollar plus sales," he said. "It's just staggering. There is incredible depth in the market."

It also states:

Latest institute studies found Canberra's residential sales for the March quarter rose 15 per cent, housing sales by 12 per cent and flats and units by 20 per cent.

MR SPEAKER: Would you mind repeating that, Mr Humphries? I could not hear.

MR HUMPHRIES: I would be happy to, Mr Speaker. It states:

Latest institute studies found Canberra's residential sales for the March quarter rose 15 per cent, housing sales by 12 per cent and flats and units by 20 per cent.

Mr Speaker, the Government's own commercial sales have underscored that very positive trend. At the commercial land auction on 2 December last year, four out of five blocks offered for sale sold at 10 per cent above the reserve price. Total revenue was almost $700,000. That is for residential blocks in the ACT. At the residential auction

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