Luxury homes will be auctioned tonight at the Sydney Opera House as 11 prime pieces of property including five in Sydney and one in Brisbane will be up for grabs and estimated to cost A$30 million.

Bloomberg News reported that the auction would be hosted by the Ray White Group, which marketed in Australia and Asia and valued the property between A$2 million and A$10 million each.

The report added that Ray White Group has arranged the auction to offer a better deal to its top end clients and "give them a point of difference."

It said this would test Australia's high-end property market, which analysts and the International Monetary Fund said is over-valued by as much as 15 percent. According to the Australian Bureau of Statistics, house prices jumped 11.5 percent in the September quarter compared to the same period a year ago.

Bloomberg news indicated that more sellers are putting mansions and penthouses up for sale this month compared with the first quarter of the year, prompting the hosting of the event. Ray White Group was said to be have the biggest real-estate property business in Australia and New Zealand and targets to make the auction a regular event, holding it every November and March, it added.