Home Finance & Economy Queensland home loses $100,000 in value at the stroke of a pen

Queensland home loses $100,000 in value at the stroke of a pen

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A Brisbane home has seen an estimated $100,000 drop in value, as a shift in school intake zones puts it outside Brisbane State High School catchment.

Owner Linda Taemets, having purchased the home for her daughter and son-in-law with the hope of future grandchildren attending the prestigious nearby high school, was devastated to learn that the home now lay in the catchment zone of a new Dutton Park high school.

“When we bought in this area, we paid the price that it cost to buy in the Brisbane State High precinct,” said Mrs Taemets. “But now the value of our investment, at the stroke of a pen, has declined enormously.”

“It’s devastating, particularly when you spend a lot of money on renovations to discover that [you have] just lost an enormous amount of the value of your property.”

In the wake of investment crises such as this, calls have been heard for greater opportunities for consultation and transparency in the Department of Education’s changes to high school boundaries.

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With the consultation period ending October 16, and little chance of residents affecting the zoning process, there is little that adversely affected homeowners such as Mrs Taemets can do.

Source: https://www.brisbanetimes.com.au