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Heartbreak as repossessions hit suburbs
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Posted on
May 16 2008 3:00 AM
by
adeal
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IT'S every home owner's heartbreak -- watching the value of their home plummet to half the price they paid within a few years. And in working-class suburbs around the country, it's becoming an all-too-regular occurrence, The Australian reported. Zaia Dawood, a real estate agent at Fairfield in Sydney's southwest, last week sold a two-bedroom unit -- bought for $240,000 in 2006 -- for just $140,000. "It is a massive decrease, but it's not rare in these areas,'' Mr Dawood said at the weekend.
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