Buyers market at top end of town

Mon, 10 Nov 08

Buyers are enjoying price falls in the affluent suburbs of the capital cities of ten to almost forty per cent. In Melbourne the median residential property prices in top suburbs such as Albert Park have fallen by as much as 39 per cent. Toorak has lost 14 per cent according to the Real Estate Institute of Victoria. In Sydney’s affluent eastern suburbs, only 90 properties have sold for over $2 million in the last three months, compared to 449 in the same period last year. In Perth’s western suburbs, prices have fallen 10 – 20 per cent this year say agents. Queensland beachfront properties are selling for significantly less than in 2007, with many vendors wearing big losses.