Vacant block of land is a real pain
Jun 05, 2019
3 minutes
Paul Clitheroe
In 2007, my partner and I purchased a 2000sqm block of land in York, a country town in Western Australia. The cost was $139,000. The area showed signs of growth as city families wanting the country life were buying and building and commuting to Perth’s outer suburbs for work.
Then the GFC come along.
The land is now worth about $80,000 if we are lucky. We still owe $66,000 on the land mortgage. We have our home mortgage of $420,000 (home worth
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