Townsville leads house price surge
Townsville house prices have skyrocketed by almost $76,000 in the past year with fresh data showing the north’s capital had the greatest annual jump in median house price in regional Queensland.
Townsville house prices have skyrocketed by almost $76,000 in the past year with fresh data showing the north’s capital had the greatest annual jump in median house price in regional Queensland.
The median Townsville house price shot up $3692 in January to hit $511,758, according to Neoval data from Ray White Group.
This represented an annual increase of $75,907.
Townsville outpaced the other Queensland regions when it came to annual price growth, sitting ahead of Central Queensland, up $69,464 in the 12 months to January, the Mackay and Whitsunday region, up $69,403, and Gold Coast, up $66,529.
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Ray White Group chief economist, Nerida Conisbee said after years of depressed prices, Townsville was experiencing surging house prices thanks to affordability, lifestyle appeal and economic development, with little to suggest the trend would halt anytime soon.
“There is nothing on the horizon which will affect prices negatively in Townsville, or all of Queensland,” she said.
“The fact is we are not building enough here.
“There are still big issues in the construction industry and population growth is strong.”
Ray White Townsville principal Giovanni Spinella said price growth had been consistent in the region, fuelled by strong demand from buyers.
“We’ve got the lowest supply we’ve ever had, the highest rental growth and we’ve got the greatest population growth in three years,” he said.
“That’s three positive signs demand will continue.”
Mr Spinella said Townsville’s property market would likely remain strong through 2025.
“I expect Townsville’s house prices will keep increasing this year, spurred on by the first rate cut in four years plus population influx, affordability compared to other cities and significant infrastructure projects commencing in the region,” he said.
“Despite the upward trend, Townsville still remains relatively affordable, especially when compared to regional cities like the Gold Coast, where the mean house prices exceed $1.2m.”
Originally published as Townsville leads house price surge