Lights out at top end of town

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Winter gloom descends on Melbourne’s prestige properties, writes Karin Derkley.

How things can change in just three months. In March, Melbourne’s top-end property market was roaring. Property prices of more than $1 million had charged up by 25 per cent in little more than 12 months as bidders fell over themselves to push prices well above the reserve. After the doom and gloom of 2009, it seemed the prestige market was playing catch-up.

During the past few weeks, winter has closed in. Clearance rates on high-end properties have collapsed from 70 per cent to as low as 40 per cent in some areas. Prices have dropped by as much as 10 per cent since March.

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