Tickets to this year’s Homebake music festival have completely sold out.

The tickets to the December event sold out in a record 10 minutes, according to event organisers.

“We are once again overwhelmed by the reaction to Homebake and do announce that Homebake 08 - Peace in the Park has completely sold out in record time,” a statement from organisers said.

“With such intense and surprising reaction, we can at least proudly proclaim that the local music industry is well and truly in a healthy shape.”

Record ticket sales might be a good sign for the return of Homebake in 2009, however, earlier this month festival organisers of another local festival were forced to pull the plug.

Organisers of this year’s Great Escape Festival cancelled the October event. Poor ticket sales were to blame for the events cancellation.

So what makes one Australian festival survive and another fall by the wayside?

Has Homebake survived because it’s a summer festival and only has home grown acts?

Let us know what you think, add a comment below.

Tags | Great Escape, Homebake