Shock data reveals hardest-hit Townsville suburbs losing up to $40,000 in three months

Realestate.com.au economist Luc Redman. Townsville homeowners have watched up to $40,678 vanish from their property values in just three months, as shock new data exposes the suburbs hardest hit by the national downturn. Exclusive house and unit data from realestate.com.au revealed three out of four suburbs in Townsville lost value in the September quarter, fuelled by controversial property tax changes, interest rate hikes and lower buyer confidence. Aerial View of Townsville Sunset “The impact on prices can be connected to the budget,” said Ray White economist Atom Go Tian. “The main target of the budget was investors and they have definitely pulled back but the unattended consequence we are seeing is first home buyers and owner occupiers also pulling back from the market.” The federal government tax changes were aimed at boosting housing supply and helping young people get into the market. MORE NEWS: ‘Cheap Queensland’ is over as buyers pay $200k more to move north ‘Rate stampede’: 338 hiked in one week – only two left below 5.75pc Agents warn home sellers must slash prices Ray White economist Atom Go Tian. But the first in-depth quarterly breakdown since the changes were announc...