PHOTO: Property sales in Townsville over the last two months paint a disturbing picture of significant price drops. CoreLogic
The saying “as safe as houses” is a lie, according to Townsville resident Heather White, who is about to lose almost $100,000 on the resale of her home in the north Queensland city.
Key points:
- The property market Townsville crashed in 2008 and still has not recovered
- The Real Estate Institute of Qld has urged the Queensland Government to boost the market by extending the first home owners grant to second hand homes
- But a spokesperson for Treasurer Jackie Trad would not comment on whether the Government would support changing the grant
When Ms White bought her family home more than a decade ago, she thought the resale profit would fund her retirement.
Now she is preparing to lose almost $100,000.
The five-bedroom house in Townsville was snapped up at the peak of the property boom in 2007 for $355,000.
Twelve years later, instead of increasing in value, the home’s worth has dropped so dramatically, it has left Ms White struggling to comprehend the financial loss.
READ MORE VIA ABC