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Weakest city to continue downturn

By Staff Reporter
05 January 2014 | 1 minute read
Moneydowndrain

Australia’s 'worst capital city market' is set to perform poorly again in 2015, according to a leading market commentator.

SQM Research figures show Darwin is currently the weakest capital city market – citing climbing vacancy rates as a particular problem.

“Darwin is a classic example of what I call a ‘shallow’ housing market, said SQM property analyst Louis Christopher. By that I mean there is not a lot of market volume and depth, and therefore prices can rapidly swing one way or the other.” 

“Right now it’s swinging south, primarily due to the commodities downturn.”

Mr Christopher said the downturn is ongoing, with “no signs of it stopping any time soon”.

He also put Hobart in the spotlight, but said the outlook for Australia’s most southern capital was a little more positive.

“Yes, I understand that it has historically been a weak economy, has experienced weak-to-negative population growth and subsequently a weak housing market,” he explained. “Taking all this into account, we think prices are well undervalued by historical standards and are primed to move upwards from here.

“I think the lower Australian dollar helps the Tasmanian economy on many levels. Right now, the market indicators suggest there is movement.”

Mr Christopher added that Hobart's rental market was becoming increasingly tight, with the climate increasingly favouring landlords.

Weakest city to continue downturn
Moneydowndrain
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.