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The market there is at a trough and the city is at a low point, can it go 15 years without growth? Doubt it Townsville would probably be the 10th biggest city in Australia. Compare the land prices to any other similar sized city - much lower Compare incomes - generally much higher...

So besides buying at the top of the market what other lessons were there? You bought a new house in boom time = higher cost of building (Perth....) You bought in a newish area where land is worth less and most of the property value is in the new house construction how can you expect...