Townsville home values continue to surge
This surprise regional centre is now the strongest performing market in Queensland, with home prices going through the roof rising almost 30 per cent in the past year alone.
Townsville home prices surged almost 30 per cent in the past year with a jump in house values pushing up overall figures.
The latest PropTrack Home Price Index showed the median home price in Townsville shot up 28.11 per cent year-on-year in November to sit at $493,000.
Home prices were also up 6.38 per cent in the November quarter.
The PropTrack report showed Townsville house prices jumped 6.64 per cent quarter-on-quarter and 28.79 per cent year-on-year to sit at $524,000.
In the unit market, the median price in Townsville was sitting at $365,000, up 2.87 per cent for the quarter and 19.45 per cent since November 2023.
REA Group senior economist and report author, Eleanor Creagh said in regional Queensland, the average cost of a home had hit a new peak of $709,000.
“Home prices climbed 0.21 per cent over the month, reaching a new peak to sit 10.88 per cent higher year-on-year,” she said.
In Brisbane, home prices lifted 0.28 per cent to a fresh peak of $868,000 in November.
“While an increase in stock for sale has offered buyers more choice and helped ease the pace of home price growth, Brisbane prices sat 12.56 per cent above November 2023 levels,” Ms Creagh said.
“Since the pandemic began in March 2020, home prices in Brisbane have risen by 78.2 per cent while regional Queensland has seen an increase of 76.8 per cent.”
The PropTrack report showed Darwin remained the most affordable capital city with its median home price of $511,000.
The second cheapest was Hobart with a median home price of $682,000, followed by Perth ($778,000), Melbourne ($792,000) and Adelaide ($795,000).
The most expensive capital cities were Sydney, where the median home price was at a peak of $1.112m, Brisbane ($868,000) and Canberra ($843,000).
The national median home price was at $800,000 in November.
“Australian home prices hit a new peak in November after 23 consecutive months of growth,” Ms Creagh said.
“While housing demand has remained resilient to persistent affordability constraints, we have seen the pace of home price growth slow since earlier in the year.
“This softening in growth has occurred alongside a surge in stock for sale, giving buyers more choice and reducing the urgency to transact.”
Ms Creagh said while the national median home price was up, performance varied across markets with differing supply and demand conditions.
“The increase in properties hitting the market this year has been met with strong demand, but increased stock for sale has been a contributor to slowing price growth, along with affordability constraints and the sustained higher interest rate environment,” she said.
“In the period ahead, home prices are expected to lift, though the pace is expected to remain softer trailing the strong growth in prices over recent years.”
Originally published as Townsville home values continue to surge