The latest data show that the economic haze of 2011 has overwhelmed the housing market in millions of urban areas across Australia, and housing prices in many expensive urban areas have fallen, resulting in a 14% reduction in the number of high-end housing markets.

Real estate information analysis company RP Data recorded a total of 2010 suburbs with a median property price of more than 225 million yuan in 100. However, by the end of 2011, after housing prices have continued to fall for a year, the number of million real estate urban areas in Australia has decreased to 194.

Last year, seven of Australia's ten most expensive suburbs (including Point Piper, Tamarama and Bellevue Hill) were located in Sydney, two were in Melbourne (Deepdene and Toorak), and one was Dalkeith, a mining town in Perth. Obviously, the decrease in the number of million-priced urban areas was due to the slow sales of high-end luxury houses last year, which lowered the average house price.

(Sydney Point Piper)

Sydney Point Piper sold only 14 luxury homes last year, with an average house price of 521 million yuan. Tamarama also sold more than ten properties with an average price of 433 yuan. Melbourne’s "Golden City" Deepdene sold 7500 luxury houses. The average house price is 15 yuan, replacing Toorak for the first time and becoming the most expensive city in Mexico City.

In the past ten years, the number of urban areas with an average price of more than 100 million yuan for independent houses or units in Australia has increased from 43 to 2010 in 225. In RP Data's survey, the number of million real estate urban areas fell for the second time last year—the first time was the deepest global financial crisis in 2008. But at that time, the wealthy urban area was only reduced by 3%. In contrast, last year it dropped by 14%. The tragic situation of the high-end housing market can be seen.

(News source: Australia Daily)