Revealed: The value of homes, units across Queensland including Townsville

The first month of spring has seen another drop in North Queensland property values, according to the latest data. Search our interactive to see how your region fares.

The first month of spring has seen another drop in North Queensland house values, according to the latest figures from property data firm CoreLogic.

The figures show the overall national Home Value Index declined 1.4 per cent in September, a slower fall than the 1.6 per cent drop in August.

This comes after Townsville’s land values climbed an average of 10 per cent in March leading to an increase in rates.

CoreLogic research director Tim Lawless and a for rent sign.

While the overall trend in major cities and regional centres was a slowing decrease, CoreLogic’s research director Tim Lawless said homeowners should be wary of assuming the worst has passed.

“It’s possible we have seen the initial shock of a rapid rise in interest rates pass through the market and most borrowers and prospective home buyers have now ‘priced in’ further rate hikes,” Mr Lawless said.

“However, if interest rates continue to rise as rapidly as they have since May, we could see the rate of decline in housing values accelerate once again.”

The Reserve Bank of Australia increased the cash rate for the first time since 2010 in May, bringing it to 0.35 per cent.

See how the value of houses has changed in your area:

Since then, the rate has risen 0.5 percentage points on four seperate occassions, with more set to come.

Regional Queensland overall has experienced a 3.5 per cent fall from a June of 2022 peak.

As of September of 2022, houses and units in Townsville had both dropped in value over the previous three months.

Townsville’s houses hit a median value of $373,170 after a fall of 1.8 per cent over that time period, while units, valued at $269,356, fell 2.4 per cent.

Dwellings fell 1.9 per cent across the same three month stretch, bringing the median value down to $355,510.

By comparison, properties in Cairns either held steady, or experienced minor periods of growth in that time frame.

See how the value of units has changed in your area:

Mr Lawless said other indicators had indicated improvements in some areas of the market.

“Auction clearance rates also trended upwards, albeit subtly, in September and consumer sentiment nudged a little higher as well on the back of strong labour market conditions,” Mr Lawless said.

“We’ve also seen the flow of fresh listings continue to slide through the first month of spring, which is uncommon for this time of the year.”

Originally published as Revealed: The value of homes, units across Queensland including Townsville