Panic Buying

Another article about the first home buyer's grant sparking off panic buying:

"It should be called the vendor's grant," he said. "In the outer suburbs of major capital cities the prices went up between $7000 and $14,000 in a 24-hour period immediately after the announcement."

http://www.theaustralian.news.com.au/story/0,25197,25390502-5013871,00.html

Anecdotally, from February, we were seeing 2 bedroom semi-detached houses for around the 550k mark. 3 bedroom houses were around the 600 - 650k mark. Now in April those 2 bedroom places seem to be getting offers of over 620k, easily, and 3 bedrooms are in the range of 700 - 800k.