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18 Feb 2020 04:13:55 UTC
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Townsville Property Market Going DOWN
The unofficial capital of North Queensland, Townsville, suffered a property crash back in 2008, but the market has never fully recovered. Townsville resident Heather White, knows all too well about the ongoing crisis. She bought her five-bedroom family home back in 2007 for $355,000, but now more than a decade later, she’s preparing to sell her property for a significant loss of almost $100,000. In the lead up to 2008, construction was booming in Townsville to meet the demand of the region’s mines, but then commodity prices fell destroying tens of thousands of jobs in the process. Construction dried up and house prices fell 27.6% since the peak. Units fared even worse plummeting 41.6%. Looking at recent property sales, a luxury waterfront unit was sold for almost $240,000 less than its purchase price. It was bought back in 2007 for about $639,000 and then sold last month for $400,000. A 4-bedroom Cranbrook house was bought for $430,000 in 2007 and was sold in July this year for $245,000 — a loss of $185,000. A 3-bedroom suburban house was bought in January 2008 and sold in May at a loss of almost $118,000. An Oonoonba house sold last month at a loss of $120,000. I could go on, but I think you get the picture. You don’t have to look very far in Townsville to see that many houses and apartments are being sold at a loss.

MY GEAR
Rode NT-USB Microphone: https://amzn.to/2OjhgB4

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Ross River flowing through Townsville CBD
Rabin Tuladhar [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)]

#housingprices #queensland #australianeconomy
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https://www.youtube.com/watch?v=sIGpH-k-kRk
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