The worst performing property markets for 2013

2013 will be remembered as the year the property market recovered and many property investors will look back in a few years time and feel a little smug when they look at the performance of the properties they purchased in the last 18 months.

However our markets are very fragmented and despite historically low interest rates and increased buying activity, property values dropped considerably over 2013 in a range of locations, and interestingly mainly in regional Australia.

According to Your Investment Property Magazine:

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, Qld.

[sam id=34 codes=’true’]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:

2013's worst performing property markets were:

Source: RPData.

 

 

icon-podcast-large

Subscribe & don’t miss a single episode of michael yardney’s podcast

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

Need help listening to michael yardney’s podcast from your phone or tablet?

We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.

icon-email-large

Prefer to subscribe via email?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.


Avatar for Property Update

About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


'The worst performing property markets for 2013' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*


facebook
twitter
google
0
linkedin
0
email
Michael's Daily Insights

Join Michael Yardney's inner circle of daily subscribers.

NOTE: this daily service is a different subscription to our weekly newsletter so...

REGISTER NOW

Subscribe!