The reason for reducing the cost of Australian homes luxury, experts say, could be reluctance of buyers to buy them at current prices.
The gap between the amount that they want to get a luxury housing sales, and those with money who are willing to give buyers today is about 5%. To such conclusion experts of the National Association of Realtors in Australia.
With these estimates agree and experts of the International Monetary Fund. According to their estimates, inflated prices by 5-10%, says Bloomberg.
Most market participants suggest that demand for luxury real estate is small. So, at last last month in Sydney real estate auction of 11 lots were sold only two. "The market lot of speculation, and prices are too high," - says Dan White, CEO of Ray White.
As the head of the National Association of Realtors David Eyrey, in the first half of 2011 sales will be used to lower prices, leading to increased market activity.