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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