The south-east Queensland and Perth markets, he told the AFR, are being “hit particularly hard”.
Melbourne buyers advocate David Morrell, a director with Morrell & Koren, said until there’s a sale trigger, prospective purchasers are treading lightly.
An East Melbourne mansion is on the market for about $7.5 million after failing to sell late last year for about $7.7 million. The vendor paid $8.25 million for the asset during the economic downturn in late 2008
In Perth, property developer Luke Saracini is reportedly seeking $16 million for his Mosman Park mansion, despite a valuation citing it worth about $12 million.
However the Peppermint Grove mansion of the head of Burrup Fertilisers, Pankjak Oswal (pictured), is believed to have found a buyer, weeks after hitting the market. The half completed house on the site may be demolished or redesigned.