2020 has proven to be a rollercoaster year for the Townsville property market, but we are ending the year with a strong residential market, multiple offers happening for property sales in a number of suburbs, and a scramble underway to secure land to meet HomeBuilder boosted construction demand.
There are also suggestions of population growth happening again as families exit the major capitals in favour of secure and functional regional cities such as Townsville where people can still 'work from home' for capital city employers at capital city wages.
Nevertheless a concern is that market conditions are being buoyed by support measures such as JobSeeker, JobKeeper and HomeBuilder packages. The real test will be when individuals and industries need to 'stand on their own two feet' once the stimulus packages run out. The key question by then will be whether future population growth can supplant current support measures to maintain the market continuum. Watch this space!
Townsville in Focus is released at quarterly intervals by Herron Todd White. Should you have any thoughts or questions on the material presented, please contact Herron Todd White www.htw.com.au
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