Normally speaking, any property (except for mobile homes) will appreciate in line with inflation as long as it is well maintained. However, we are now in a downturn in real estate values. So any property bought might go down in value. If this recessionary period continues it could be true for several years. It could turn around quickly. No one knows what to expect for price changes.
There used to be a price premium for a new house. In some places that seems to have disappeared. If that still exists it would suggest that a new one would lose more value in 12 years than a used one would.
Look below to decide if it makes more economic sense to rent or to buy. Use your numbers and find out.
The short answer is "NO". You don't buy a townhouse or condo today and each year the value goes down as the unit ages.
The long answer is "yes, but..." with the "but" being many factors. Even a single family home - the home itself depreciates each year. Renovations or remodeling or future upgrades reset (at least partially) the depreciation "clock" (effective age). When a home is appraised, one of the methods used is called the Cost method. An appraiser says "what would it cost to build this unit new", and then they do depreciate the unit for the "effective age". The same occurs as an adjustment in the most important appraisal method - the Sales Comparison. If two similar floorplan units have sold for different prices, one of the appraiser adjustments is according to how updated (effective age) they are.
Even my above paragraph is a gross oversimplification of the answer. And I am by no means an appraiser - one of them may correct what I'm saying with a more complete discussion. The best way for you to better understand the issue is to sit down with your Buyer's Agent and let them show you the different values of different units and neighborhoods.
As has been mentioned - the MARKET value of a home depends more on location and desirable feautures of the home and the subdivision than how old or depreciated the home may be.
That being said, despite the physical property, the demand (or lack thereof) actually determines appreciation and depreciation. Age can play a role as other factors due, but location is king.
Your local Realtor can give you specifics on your local market.