REIQ reveals latest data showing strong appetite for Townsville’s properties
A newly released report shows that Townsville’s properties are gaining value, yet are being sold faster than almost anywhere in the state.
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It’s a case of blink-and-you’ll-miss-it when it comes to houses and units being listed in Townsville’s surging property market, a newly released property report reveals.
The Real Estate Institute of Queensland’s report for the September quarter has Townsville ranked third for the fastest moving markets from listing to signing, with an average of 24 days, only surpassed by Toowoomba (18 days) and Ipswich (19 days).
Affordability was the driving force behind Townsville quick sales, where its median house price of just over $400,000 created an attractive option for bargain hunters compared to Greater Brisbane’s $760,500 median price point.
Townsville also experienced above average quarterly growth in house prices of 2.47 per cent and unit median sales also rose by 5.38 per cent.
REIQ zone chair for Townsville Ben Kingsberry said it was no surprise that the city was performing quite strongly, attributing the fast moving market to “supply and demand”.
“There’s a limited number of properties coming to the market and a very active buyer group – everyone from first time buyers to local investors, interstate investors, upgraders, downgraders – every section of the market is active right now,” Mr Kingsberry said.
“So when a good quality property or a correctly priced property does come on the market, we’re seeing high levels of interest and very quick decision making by buyers.”
He said the present average 24 days on the market was in glaring contrast to the market cycle a few years ago when it was 80 to 90 days.
“Certainly the experience out in the market is that its demand is high and getting higher,” he said.
“While prices have increased quite a bit on rentals and sales, Townsville is actually still very affordable when compared with a lot of other centres.
There was still a lot of migration, particularly from Victoria, that was driving a lot of demand, because Townsville represented “genuine value for money”.
“Lots of people are missing out on homes in multiple offer scenarios. Across the rental and the sales market, the pressures certainly on for all of our staff and the stress in the marketplace of people trying to buy or rent is quite high,” he said.
Mr Kingsberry was seeing an increased interest in units, particular at the cheaper end.
“Largely as people who have previously been out looking for houses … adjusting that expectation and going to a unit instead,” he said.
REIQ CEO Antonia Mercorella said that interest in regional Queensland’s housing market was rising as a relatively affordable choice and, in most cases, with attractive annual growth.
“Those seeking value for money are finding it in our regional economic powerhouses – Toowoomba and Townsville,” she said.
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