Many vendors that have upper end property are involved in the money markets: Big risks, big rewards. With all the volatility and large losses of recent times: this has resulted in forced property sales.
For instance, we’ve been aware of a number of fire sales result due to vendors getting caught up in margin calls from the stock market.
Buyers in the upper price ranges have been few and far apart meaning more choice, and dropping property prices.
It’s not uncommon to see a property that was selling for $3 Million last year being only worth $2 Million in this current market.
Many of those who have jobs in the financial world have been paid heavily in the past few years in bonuses. This year, those aren’t happening and combined with dwindling share/ super portfolios, the losses are too large to manage.