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tough at the top endProperty at the top end – more than $2 million – remains difficult to sell throughout Australia with the number of homes languishing on the market still growing.

Looking over data compiled by the number crunchers at Australian Property Monitors, sellers of pricey homes have been struggling to make a deal since the global financial crisis began to loom from the middle of 2008. And the pain remains.

In March 2007 there were 3961 homes on the market worth more than $2 million across Australia. Now there are 8608.

In the chart above, you can see a mounting stockpile of upmarket properties looking for cashed-up new owners. A breakdown of the figures reveals that the biggest growth by percentage (2100 per cent) was in the Australian capital, but that was off a very small base of just two homes.

More interesting is the fact that the number of pricey homes lolling around on the market has grown in every state and territory, but the number of new listings hasn’t moved around exceptionally, except a few small hills and valleys along the way. It all spells out that many of the 8608 properties for sale will have been on the market for a while.

Melbourne had the biggest growth in house prices of all Australian capitals last year. Median houses price there jumped 14 per cent in the 12 months to the end of December, according to Australian Property Monitors.

Story by Carolyn Boyd http://www.domain.com.au/

Tags: marketing, news, property, real estate

Posted in News

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