Australia's property prices appear set to come off the boil after a long run up, with analysts pointing to signs the market is turning.
Toh Shaowei, director for research and strategy for global real estate at UBS Asset Management, said Australia's property market is at a "tipping point."
"Investment demand in Australia is higher than domestic demand," with domestic buyers getting priced out, he said Monday.
But he noted that in many markets, particularly Melbourne and Sydney -- two key destinations for foreign investors -- the buyers aren't leasing out their units.
"They're just waiting and hoping that the music doesn't end and they just continue to bank on capital appreciation. It's not going to work," Toh said, citing expectations of more government restrictions aimed at dampening investment demand. "At some point in time, I think we will start to see that prices are going to contract."