Some Sydney, Australia Home Prices Down 40%
It is often repeated that home prices can't fall. That assumption will be placed under more doubt by news from down under. SMH.com reports, "A report reveals the price of hundreds of properties across Sydney on sale since before September have dropped by as much as 40 per cent."
"Auction clearance remains low..sellers are being forced to adjust reserve prices. These are the ingredients of a buyer's market." And check out how long some of the homes have been on the market. "A three-bedroom terrace first listed last May for $980,000. Now it's a bargain buy for $580,000. A luxury apartment first listed in March 2003 for $2.79 million is for sale for $1.95 million - a fall of $840,000."
The owners are getting disgruntled. "'We have come down a long way and want to sell. We'd never have put it on the market if we had known it would be like this'. Ms Allen said the family hadn't considered an auction as it would be embarrassing, with the neighbours coming through and no one bidding." Alternate link.