Population growth is a major driver of the property market with jobs and job security underpinning this growth.
Over the period 2015 to 2018, we saw population growth occurring at a rate significantly below the long-term average of 1.9%. Over the same period, we saw unemployment rates in the Townsville region trending well above the state unemployment rate.
During 2019, we have seen a strong pick-up in the number of jobs being advertised on employment websites for the Townsville region with the unemployment rate reducing. This increasing trend in the number of jobs being advertised bodes well for net employment creation during the coming months.
Currently our residential market is being driven by local dynamics, however a tight rental market coupled with affordable median house prices means we are seeing anecdotally some increased interest
from investors. The Townsville region has a large pipeline of major
projects proposed or under construction including Stage 2 of the Haughton Water Pipeline Duplication, Port of Townsville channel widening project and the proposed lithium-ion battery facility. These current and proposed projects will consolidate economic recovery, with real job creation that will offer long term employment and job security needed to retain and encourage population growth more in line with
our long-term average growth rate and in turn drive the property market.
Source: Herron Todd White Residential Month in Review
If you would like an assessment on your Townsville home against the current market contact one of our agents – Free Market Appraisal