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Record Prices Test Australia’s Luxury Homes Market
A mansion with a 4,000-bottle wine cellar in one of Sydney’s most exclusive waterfront suburbs is seeking a record A$50 million ($49 million) in a test of Australia’s luxury property market. Prices of homes costing more than A$15 million have declined about 15 percent, said Michael Dunn, principal at property broker Richardson & Wrench Double Bay, one of the agents marketing the five-bedroom house in Darling Point in the city’s east. The number of potential buyers has dropped to one or two per property, from five or six before 2009, and homes that once sold within 90 days now take about 120, Dunn said. Home ... (full story)