Muswellbrook is a town located in the upper region of New South Wales, Australia with a population of about 11,420. The area is also known for coal mining, horse-breeding, gourmet food and wine production.
Unfortunately it has recently been named as one of the 12 worst places in Australia to invest in real estate. According to ABC, a certain real estate website has recently come up with a quarterly ranking of the best and worst places to invest in real estate based on its analysis of vacancy rates, median prices and sales volume. With its report, it turns out that Muswellbrook has been identified in the report's so-called dirty 12 places least likely to give return.
But on the brighter side, the report's author Terry Ryder said the local real estate market has hit it lows but is expected to improve in the next year. "If you own real estate in Muswellbrook right now you're perhaps going to be feeling a little depressed but it's always important in real estate to take a long term view," ABC quotes what Ryder said. "Muswellbrook will recover and it will improve and become a strong place to own real estate in the future I think."
Moreover, the median home price in Muswellbrook reportedly has dropped by 4 percent in the most recent quarter. The decline is attributed to the developers who have oversupplied the market while there is a decline in mining.
"Speaking of this," Ryder added, "We think that long term Muswellbrook has a bright future, it's a good strong regional center surrounded by activity that generally creates jobs.
"When the resources sector recovers and moves into another growth phase Muswellbrook will start to soak up that over supply, vacancies will drop and we'll start to see prices and rents rising again."