Perth Investors Fear the Worst
West Australia property investors are suffer as the mining slump lingers. Nearly One-Third Losing Money on Resale.
A report from property research firm CoreLogic shows one-third of investors in Perth property lost money on resale in the December quarter.
The figure of 33.6 per cent was equal with Darwin as the highest proportion of loss-making resales nationally.
In regional WA, the situation was even worse — 47.5 per cent of resales by investors made a loss in the quarter.
80% of Gladstone Homes Sell at Loss
Five years ago, investors from all over Australia scrambled to snap up a property in Gladstone. Today, you have to pay to get out. More than 80 Percent of Gladstone Homes Sell at a Loss.
SITTING at the southern tip of the Great Barrier Reef, and famed for being one of the nation’s industrial powerhouses, is the central Queensland city of Gladstone.
Four decades ago, Gladstone was a tiny port town best known for its fishing industry and boasting easy access to the southern reaches of the reef.
A decision to build a liquefied natural gas plant was made — encouraging thousands of construction workers to fly into the already prosperous town in an attempt to score a piece of the plant pie. By 2012, the LNG plant was built, the construction workers were getting laid off and the city started to experience a severe downturn. Six years later and things are no better.
In the last December quarter, more than 80 per cent of Gladstone homes sold at a loss, according to new data released by CoreLogic. That rate is the highest in Queensland and second highest in Australia, based on the average home price more than halving in the past five years.
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