Latest REIQ property report highlights Townsville’s strength and bright future
A new report has listed Townsville’s property market among the strongest in the state. See how much values are rising.
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A new report comparing Queensland’s property markets has highlighted Townsville’s strong performance over the last quarter, with house values climbing, listings flying off the shelves, and the future looking bright.
Released this week, the Real Estate Institute of Queensland’s (REIQ) report for the March quarter saw the state’s property prices continue to climb, with the median price growth of units growing 5.09 per cent to $578,000, outpacing houses, which rose 2.07 per cent to $735,000.
“Demonstrating the continued renaissance of the regions”, REIQ chief executive Antonia Mercorella said Townsville’s median house sale price rose 7.5 per cent over the past year and by 5.37 per cent over the last quarter to $462,030.
This figure was only surpassed by rises in Gladstone (6.59 per cent), Toowoomba (6.55 per cent) and Rockhampton (5.91 per cent).
With Queensland averaging 24 days for a house sales campaign, Townsville’s 19 days was the third fastest moving market after Ipswich (16 days) and Logan (18 days).
Townsville’s unit market was up 6.2 per cent over the past year but almost flat (1.69 per cent) with its median sales value of $300,000 over the quarter.
REIQ’s Townsville Zone Chair Ben Kingsberry described Townsville’s property market as “strong, and getting stronger”, thanks to the underlying strength of the city’s economy, the healthy pipeline of projects, and plentiful employment opportunities.
He expects the property market to thrive over the next two to three years, and for demand for units to increase in the next 12 months.
“I think it’s a really positive story for Townsville. At the end of the day we have a supply and demand issue, where there’s not enough supply to meet demand and there’s nothing significant that’s really going to fix that problem in the short term,” Mr Kingsberry said.
“Until prices come up to the level where significant development starts to happen, I think we’re going to see that imbalance for a while.”
While Townsville’s residential market has been targeted by bargain hunting southern investors in recent times, Mr Kingsberry was starting to see a normalisation, with more locals securing properties.
“The buyers are now a mix of first home buyers, upgraders, downgraders, local and interstate investors, depending on the property,” he said.
As median house prices increase, Herron Todd White valuer Hayden Lynam said units were becoming a more popular and affordable option.
“The duplex and residential flats sector of the market is also quite desirable at present with strong demand,” Mr Lynam said.
“This style of property remains attractive to investors with strong rental returns being achieved with the strong rental conditions and low vacancy rates being seen at present.”
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Originally published as Latest REIQ property report highlights Townsville’s strength and bright future
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