| From Bloomberg: The number of Australian homes worth A$1 million ($1 million) or more listed for sale is about 40 percent higher than average for this time of year, Real Estate Institute of Australia estimates, suggesting price cuts in 2011.
“There’s about a 5 percent gap in what sellers expect and what buyers are willing to pay,” said Perth-based David Airey, president of the institute. “In the first and second quarters of 2011, there will be a rise in activity as sellers adjust prices down.”.............................................Full Article: Source |