Gladstone property market one of biggest losers in 2013
GLADSTONE has been named as one of Australia's biggest losers in a list of the worst performing property markets of 2013.
The Your Investment Property website reports that 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
It said Gladstone was the most surprising market to lose wind over the year, after 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.
"However, an excessive level of building saw certain Gladstone markets become oversupplied with properties and the opposite happened - values tumbled," the website reported.
The Gladstone areas to be worst affected were Glen Eden (43% drop) and the CBD (39%).
Other badly performing markets included a mix of suburbs in Cairns, Albury and the Sunshine Coast.
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.