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Ferrari sales in Australia are at an all time and demand for Porsche sports car has also witnessed a soaring growth since the property boom in encouraged homeowners in Australia to loosen their purse strings. Ferrari noticed a 48% increase in its sale from previous year to a record 167 units sold in 2105, according to a report released Wednesday by the Federal Chamber of Automotive Industries in Australia.

There has also been an increase in the demand for Mercedes-Benz, Audi, and BMW that has grown by 3.8% nationwide in terms of total vehicle sales. The Reserve Bank of Australia has also responded to the increasing demand by cutting down their interest rates to their lowest low that has been linked to rising car sales and home-price increase, reports AFR Weekend.

Sydney's house value has soared by 12% in last year that has extended the property boom of three years and has pushed the average price in Australia's largest city to approximately $670,000 (A$935,000) according to CoreLogic Inc. "People are looking at the value of their home," said Craig James, a senior economist at the securities unit of Commonwealth Bank of Australia. "Home prices have been recording good gains, so they've seen their wealth levels rising. That's also rationalizing their choice in going a little bit upmarket."

Sales of Porsche climbed from 2,812 units to 4,090 while the demand for fiat cars has fallen by 32%, according to the chamber's report. The Australian consumers are basking in the glory of rising housing boom and are more optimistic about their financial condition, according to an estimate released by Australia & New Zealand Banking Group Ltd. "Property has been a driving force for us," said Herbert Appleroth, chief executive officer of Ferrari for Australia and New Zealand. "It's people who are investing, it's the developers, it's the specialised trades who are also benefiting," said AFR Weekend