Sales of Houses Priced over $1M are slumping!!!

Australian Property Monitors report that some 2650 houses and units were sold in Sydney for more than $1M in the past six months, compared with some 3400 over last year. The head of research says that the reason house prices have not dropped is that prospective sellers are holding off selling their property, which is made easier for them to do while interest rates remain low.
One must assume that if, as now forecast, interest rates start rising at the end of the year, more forced sales will happen and prices of these expensive properties might start falling. One property bought last year for $5.04M that failed to sell at two recent auctions was finally sold by private treaty for $3.45M last month.