Optimism luxury real estate sales will normalise in coming months

Estate agents are pinning uncertainty over foreign buyer restrictions, on the 69 percent annual drop for September to November.

Many vendors missed the pre-Christmas window to get their properties on the market.

But agent Caleb Paterson says the general market is expected to lift back up next year.

He says one of the bigger challenges is in the luxury market is a decrease in volume of properties on the market, which means not as many sales.