Despite lower interest rates and increased buying activity across most of the country, property values in a wide range of locations dropped considerably over 2013
2013’s worst performing markets include a mix of suburbs in Cairns, Albury
and the Sunshine Coast, but perhaps the most surprising markets to lose wind over the year were suburbs in Gladstone
Many property pundits had forecast in 2012 that Gladstone house and unit values would see strong growth over 2013 because of billions of dollars in infrastructure projects being diverted into the city economy.
However, an excessive level of building saw certain Gladstone markets become oversupplied with properties and the opposite happened – values tumbled.
The Gladstone areas to be worst affected include Glen Eden and the city’s CBD.
Other areas to see lacklustre activity include the Sunshine Coast's Peregian Springs
and Montville, where values are still suffering from a ramp up in building activity from a few years ago. This saw the market become oversupplied.
Queensland's Moranbah, a small mining town within the Isaac region, has also seen a remarkable downward shift in prices - largely as a result of a growing FIFO workforce that is circumventing the town as a source of accommodation.
Among the top 20 worst performing markets over 2013, three were in NSW, nine were in Queensland, three were in WA and two were in SA. The ACT, Victoria and Northern Territory each had one market.
2013's worst performing property markets were:
Source: RP Data, Nov 2013
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out