Statistics from Australian Property Monitors (APM) has revealed that properties at the top end of the market are currently suffering significant losses, with values falling anywhere up to 45%. Hundreds of Australian residents are being forced to sell their high end homes at record low prices.
According to The Weekend Australian, a Surfers Paradise estate recorded the biggest drop after settling for 45.7% lower than its original price. The greatest number of price cuts were in the Sydney suburb of Mosman, with nine properties forced to sell undervalue.
One property dropped from an asking price of $12 million last year to recently accepting an offer of a little over $6 million.
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