Australian Luxury Property Not So Hot Now !!!
Real Estate Institute of Australia (REIA) suggests a price cuts in 2011 as the number of Australian homes with worth of more than $A 1 mn are overvalued by more than 40 % of its average price for this time of year.
International Monetary Fund had also stated that Australia’s house prices may be overvalued by 5 percent to 10 percent.The prices of 10 percent of Sydney’s most expensive properties fell 7.5 percent in the six months to September, compared with an average increase of 1.1 percent in the rest of the market, according to property researcher RP Data. Top Melbourne property prices fell 10.8 percent in the period, compared with an average price climbing 2.5 percent for the remaining houses.