A report from the South China Morning Post. "A buyer has walked away from the purchase of a luxury house on The Peak, losing a deposit of some HK$36.09 million (US$4.6 million) in the latest sign of trouble in Hong Kong’s property market. The unidentified buyer did not proceed with the transaction for House 16 on Mount Nicholson, according to official documents, after agreeing to buy it for HK$721.88 million on December 31."

"'It is definitely not good news for the market,' said JLL executive director Joseph Tsang. 'There are stories about buyers walking away from their purchases every day, but this one is more eye catching.'"

"The house, with a private garden, rooftop and swimming pool in Asia’s most expensive address, was sold at a unit price of HK$90,484 per square foot in December, more than 7 per cent cheaper than the adjoining house which was sold in April."

"As Hong Kong’s property market cools rapidly from its over two year surge up until last August in the face of a slowing economy, rising mortgage rates and uncertainties over the US-China trade war, cases of cancelled sales have been rising – there were nine in the first nine days of this year alone."

"One notable one involved the HK$50.62 million purchase of a 1,576 sq ft unit at the luxury Ultima residential development in the Ho Man Tin district, where the buyer ­forfeited a HK$2.53 million down payment, according to the ­government website."

"'But what is most worrying is the rising number of homes being repossessed by banks and the growing number of companies filing for bankruptcy,' said Tsang. 'This is a reflection of the worsening economy, although it is still too early to say whether it would trigger a wave of defaults.'"

The Herald Sun in Australia. "Melbourne ended 2018 with a more than 36,000 home hangover as the city’s struggling auction market and falling house prices fell short of seller expectations. New figures from SQM Research reveal the number of homes still listed for sale at the end of last year was up 25 per cent on the about 29,000 listed at the same time in 2017."

"SQM Research boss Louis Christopher said the higher figure at the end of 2018 was a sign homesellers were refusing to accept low-ball offers. 'It’s predominantly older listings that are just not selling,' Mr Christopher said. 'This is just further evidence of the extent of the housing market correction. The base of the market in Melbourne has just blown right out.'"

"But that was not an open invitation for homebuyers to make low-ball offers. 'Buyers can’t be too greedy and try to pick up a property for a ridiculous price,' he said. 'There are a lot of people who are refusing to sell for less.'"

"Further figures from SQM show the number of homes for sale across the city fell from 43,727 at the end of November last year, but Mr Christopher estimated a substantial portion of that reduction was driven by homesellers withdrawing their property rather than selling it."

"'There's been a fair bit of people pulling out of the market entirely,' Mr Christopher said. 'The reality is that by and large sellers have not been willing to accept the initial bids and that’s meant that there’s more and more pressure on the market,' Mr Christopher said. 'Those who meet the market sooner are far better off than those who ride the market down.'"