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Amid the media glee surrounding Australia’s rebounding property market, spare a thought for Townsville, whose market crashed in 2008 and has yet to recover. From The ABC:
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.
When Ms White bought her family home more than a decade ago, she thought the resale profit would fund her retirement.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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