In contrary to the below report Explore Property Townsville has seen growth in sales numbers and reduction in rental vacancies much higher than reported.
Total sales for the last quarter has been well above those numbers reported in the previous 12 month period and rental vacancies remaining at an office low of 1% avg over the last quarter. On the ground, we are seeing more numbers through open homes on weekends, and more interest looming from our southern relatives, which is telling us that southern investors are watching the Townsville market closely at present.
With the latest update on the Adani mine and job vacancies advertising already commencing for the project in the local Townsville Bulletin, we see this will have a positive effect on the property market long term.
If you would like an assessment on your Townsville home against the current market contact one of our agents – Free Market Appraisal
Townsville 2018 has seen the Townsville residential market remain cemented in the start of the recovery phase. Major projects such as the Townsville Stadium and Haughton pipeline duplication underway along with a number of projects in the pipeline are providing improving economic conditions, however, there remains a feeling of uncertainty around job security and the longevity and impact of these projects. Our outlook for 2018 from our February Month in Review generally panned out as predicted. The rental vacancy rate has reduced throughout the year and we have seen a slight increase in rents in some locations. The inner city 4810 postcode and in particular North Ward and Belgian Gardens have seen good levels of Month in Review December 2018Residential 21-23 Webb Road, Sunshine Beach (Source: www.realestate.com.au) 48 activity and firming prices, however we have not seen the ripple effect of this increased activity transfer through to the market in the fringe or outer suburbs. It would appear that high unemployment levels and a general feeling of job uncertainty are putting a handbrake on the rate of recovery with many market participants unwilling to commit as yet. Better quality homes in mid-suburban locations are seeing good levels of activity, however, lower priced product and those located in outer areas and/ or suburbs with perceived social issues are feeling downward pressure on prices. Overall the present market is highly suburb selective, with the recovery for houses more advanced than for units and land sales remain at very low levels.
(Information compliments of Herron Todd White – View the Full report here)