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Prestige property market breakdown

21 July 2009 Reporter

Properties at the top end of the market are currently suffering significant losses, with values falling anywhere up to 45 per cent, statistics from Australian Property Monitors (APM) has revealed.

Hundreds of Australian residents are being forced to sell their high end homes at record low prices.

The Weekend Australian composed a list of the top 100 discounted properties in the country.

A Surfers Paradise estate recorded the biggest drop after settling for 45.7 per cent 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.

According to APM, the top 100 list is only comprised of sales reported to the valuer-general offices and agent reported sales; government reported sales are yet to come through.

Prestige property market breakdown
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