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Overseas Property News
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Luxury Australia property values tumble
Country: Australia
20 July 2009 Australia property prices at the luxury end of the market have plummeted by up to 46% since the peak of the market, according to various reports in the country. The Weekend Australian reports that banker, Glenn Willis, who previously headed the Australian arm of Lehman Brothers, the US investment bank that collapsed last year, has sold his northern Sydney house for AUS$8m (£3.9m) less then it was valued for at the peak of the market late last year. Speaking to The Weekend Australian, Willis said that his Mosman home was valued at $18m (£8.9m) last October when it was first placed in the market for sale. But the five-bedroom house which overlooks Balmoral Beach on Sydney Harbour was eventually sold at auction in May for $10.2m (£5m). “I was hoping to get a larger amount, but the top end of the residential property market has come off dramatically,” he said. Elsewhere, a property located in Via Roma in Surfers Paradise was reportedly sold in a mortgage sale in January of this year for $2.5m (£1.2m), 46% less than the initial $4.6m paid for the home in 2004. A property in Glenferrie Road, Hawthorn, Victoria, was sold for $4.1m (£2m) in April, 44.7% less than its asking price. Although properties at the high end of the market are suffering in the current economic climate, things are looking a lot brighter for homes at the lower end of Australia’s property market. Properties at the lower end of the market are posting price gains across some parts of the country, thanks partly to the federal government's first-home owners grant.
See Also: Australia, Marc Da-Silva, Overseas property investment news
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