Australian Real Estate Likely to Lose Value in 2011

House prices in Australia are expected to fall considerably during 2011, according to The Global Real Estate Trends report.

The drop in value will be a result of government planned spending cuts, austerity measures and higher interest rates, the report explained.

Australia was singled out as one of the top-performing markets during 2010 – alongside Canada, France, Sweden, Switzerland and the UK – thanks to a combination of a high rate of demand matched by “low unemployment rates and tight supply … all of which added to the upward pressure on prices”.

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