Published on March 13th, 2012 | by john.weir0
Flooding drives house prices down in Australia
House prices in certain parts of AustraliaÂ have been slashed almost in half, with vendors forced intoÂ heavy discounting as properties languish on the market for months.
Australia’s luxury suburbs, coastal strips and flood regions have beenÂ hardest hit as median values plummeted in a skittish market by up to 46 per centÂ last year, according to RP Data figures. Even the nation’s most expensive suburb Point Piper has fallen victim to theÂ squeeze,Â andÂ prices have been cutÂ by almost a quarter in premiumÂ postcodes including Surfers Paradise on the Gold Coast and Western Australiaâ€™sÂ millionaireâ€™s row Peppermint Grove.
Homeowners in flood-affected North Booval â€“ a suburb of Ipswich near Brisbane â€“ who have suffered the countryâ€™s worst falls, with houses dropping by 46.3 perÂ 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)Â -45.1% (units) to $225,000
3. Jolimont (WA) -44.4% (units) to $342,000
4.Â Carey Bay (NSW) -42.6% (houses) to $266,001
5. St Kilda West (VIC) -41.8%Â (houses) to $1,455,000
6. Port Augusta (SA) -41.5% (units) to $120,000
7.Â Golden Beach (VIC) -40.9% (houses) to $85,750
8. Rainbow Beach (QLD) -40.8%Â (units) to $219,750
9. Acacia Ridge (QLD) -40.8% (units) to $298,500
10.Â Eagle Farm (QLD) -40.4% (units) to $786,500
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