Some properties just aren’t selling.
The truth is that there are currently some property markets at the moment that is finding it really hard, e.g. luxury/executive houses. These properties are typically bought by highly paid executives that in recent years have been flying high on large salaries and bonuses but now that economic hard times have fallen upon us there are fewer of these executives willing to spend large amounts of money because they’re just not confident in what tomorrow will bring. Investors that have bought properties in mining towns around Australia have been hit by the drop in demand for our resources and are also now facing a tough time.
