Luxury property price falls dragging down Oz real estate market

[Nicholas Wallwork]

The price of luxury properties in Australia could fall for up to three years with some having seen drops of 20% since January as expensive suburbs become the poorest real estate market performers. The near double interest rate rise in November last year has hit Australian capital city property values which are down 1.2% in [...]

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[CSQTownPlanner]

The real estate market rate is falling in Australia. And the interest rates are too high and the government is not doing enough to encourage construction of new housing supply..

 

[mattio]

I am not surprised. In this economy less and less people can afford luxury properties. I wish economy will start recovering soon.