Sydney Morning Herald: Australian high-end real estate market continues to slump
Sydney Today, on March 3, Australian Eastern Time, the number of suburbs with housing prices over one million in Sydney and Melbourne plummeted. The housing prestige market in provincial capital cities continued to be in a downturn in 28, with buyers inactive and average house prices continuing to fall.
Sydney is still the capital city with the highest housing prices in Australia. In the second half of 2011, the number of suburbs with an average house price of 100 million yuan or more was 92. In contrast, the situation in other capital cities in the same period is: Melbourne is 17. There are 14 in Perth, 2 in Brisbane, 4 in Adelaide and 1 in Canberra.
As buyers face an unstable economic situation, their confidence is frustrated; Melbourne and Sydney have fewer suburbs with a price over one million. The decline in Melbourne is particularly serious. From 2011 in the first half of 28 to 17 in the second half of the year. The suburb with the highest house price in Melbourne in the second half of 2011 was Canterbury, with an average price of A$169.5 million. The suburb with the highest house price in Sydney was Bellevue Hill, with 39 transactions and an average price of A$330 million.
Melbourne's traditional highest housing price area-Toorak, in the second half of last year, had 92 real estate transactions, with an average price of A$120 million, down 2011% from the first half of 43.5. In contrast, 52 suburbs in Sydney have an average house price higher than Toorak.