Beachside dream home sheds $5.5 million

While there are likely to be many losses as Australian property prices plummet, few are likely to lose as much as Maxwell and Cleo Conrad.

The Courier-Mail has reported that the unfortunate couple have seen their luxury beachside home on Queensland’s Gold Coast shed a third of its value in less than a year.

At auction this weekend, the couple’s dream home, fetched just $9.5 million, $5.5 million lower than any offer made before the economic turmoil swept in.

“[The Conrads] knew they were at the whim of the market but they just wanted it sold,” said selling agent Michael Kollosche.

Meanwhile, at the other end of the property spectrum, the Sunday Telegraph has claimed that relief will be on the way for first-home buyers as the Reserve Bank is forced to cut rates again in 2009.

Property experts have claimed that the bank will have to encourage lenders to introduce more low-interest home loans as the vital signs for the Australian economy continue to worsen.ADNFCR-1761-ID-18992329-ADNFCR