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Published on March 13th, 2012 | by john.weir

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Flooding drives house prices down in Australia

House prices in certain parts of Australia have been slashed almost in half, with vendors forced into  heavy discounting as properties languish on the market for months.

Australia’s luxury suburbs, coastal strips and flood regions have been  hardest hit as median values plummeted in a skittish market by up to 46 per cent  last year, according to RP Data figures. Even the nation’s most expensive suburb Point Piper has fallen victim to the  squeeze, and prices have been cut by almost a quarter in premium  postcodes including Surfers Paradise on the Gold Coast and Western Australia’s  millionaire’s row Peppermint Grove.

Homeowners in flood-affected North Booval – a suburb of Ipswich near Brisbane – who have suffered the country’s worst falls, with houses dropping by 46.3 per  cent to $154,000.

Top 10 median price drops in percentage terms for 2011

1. North Booval (QLD) -46.3% (houses) to $154,000

2. Mittaggong (NSW)  -45.1% (units) to $225,000

3. Jolimont (WA) -44.4% (units) to $342,000

4.  Carey Bay (NSW) -42.6% (houses) to $266,001

5. St Kilda West (VIC) -41.8%  (houses) to $1,455,000

6. Port Augusta (SA) -41.5% (units) to $120,000

7.  Golden Beach (VIC) -40.9% (houses) to $85,750

8. Rainbow Beach (QLD) -40.8%  (units) to $219,750

9. Acacia Ridge (QLD) -40.8% (units) to $298,500

10.  Eagle Farm (QLD) -40.4% (units) to $786,500

Want to learn more about property in Australia – come to Down Under Live in Birmingham

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