The Australians are especially property crazed, and the heavy sell of hot spots, areas that are promoted in the same glowing terms as penny stocks in a spam email are a feature of the landscape. Well, turns out they aren't always so hot.
The 21 property hotspots that weren't
Melbourne was expected to do well with the five suburbs, Broadmeadows, Thornbury, St Kilda, Brunswick and Balaclava, all appearing. Broadmeadows house prices fell 9.2% and unit prices dropped 13.9%. In Thornbury, house prices fell 4.2% and units fell 2.9%. In St Kilda house prices fell 3.2% and unit prices fell 2.8%. Brunswick house prices fell 6.5% but unit prices rose 2.4%. And in Balaclava, house prices fell 9.8% and units increased 0.3%.
So from the 21 offerings, only Gladstone houses and Geraldton units withstood the current downtown. With double-digit growth, they stand, at the moment, above all other nominations.
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