Real estate has historically been a millionaire maker for those with the right sense of timing.

But there’s something clearly askew about the timing of the NSW government.

In a bungle that raises a litany of questions, taxpayers have taken a $540,000 bath after a stunning market misread in Gundagai.

In 2014, the old Gundagai hospital was sold for a song, snapped up by a canny speculator.

Months earlier, a group headed up by then-Gundagai mayor Abb McAllister approached the state government about procuring the land, with a vision to build a not-for-profit community aged care facility there.

They were told the buildings were riddled with asbestos and the government would be unlikely to let the property go for less than $400,000.

Spooked by the price, the group ditched its plans and watched on in horror as it eventually sold for just $110,000.

Just two years later, the speculator managed to sell the property for $650,000 – more than five times the price.

Of course, he can’t be blamed for trying to maximise his investment dollar.

That’s the parry and thrust of the real estate game and everyone knows the rules.

But most galling for locals was the fact the new owner is considering building a private aged care facility on the site.

So not only have taxpayers been dudded out of hundreds of thousands of dollars, but the Gundagai community has missed out on an affordable care home for its older residents.

Such a colossal waste of public money demands answers.

How could the government have got it so wrong?

How can we trust it to manage our tax dollars when it can’t manage a simple real estate deal?

Will Gundagai residents be compensated for the gross mismanagement of a community asset?

A thorough investigation must be undertaken and those responsible must be held accountable.

And the findings of that investigation must be made public if the government wants to win back the trust of the Gundagai community.

We await the outcome.