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Australia's housing shortage could fuel a new round of illegal rent auctions according to the HIA. The undersupplied housing market has forced rental prices up and escalating prices means Gazumping - where a seller continually raises the price - a method which is both informal and illegal is now rampant in most capital cities.

After strong growth in July property buyers waited to see if the RBA would cut interest rates, leading to a restrained month in the property market for August.

Leading Economisists believe the Australian Housing Industry will continue as is despite Tuesday's interest rates cut.