Townsville Property Market on the Up

[Guest The Pom Queen]

Early signs are now emerging that indicate the Townsville housing market could be reviving following a lengthy period of subdued buyer activity.

The median asking price for houses listed for private treaty increased sharply by 2.6 per cent over the three winter months ending August to $359,000 compared to the previous three month period. Townsville house prices were also 2.6 per cent higher than recorded over winter last year but remained 5.5 per cent below the $380,000 median reported over winter 2012 – five years ago.

 

The median asking price for Townsville units listed for private treaty increased marginally by 0.4 per cent over the August quarter to $260,000 compared to the previous quarter. Although Townsville unit prices rose marginally over the quarter they remained 1.9 per cent lower than recorded over winter last year and 13.3 per cent below the $300,000 median reported over winter 2012.

The average days on market for private treaty listed houses in Townsville fell sharply over winter from 133 over autumn to a still-high 123 but the lowest result since winter last year.

Average days on market for private treaty listed Townsville units also fell over the August quarter from 296 over autumn to 243 and again the lowest result since winter last year.

The average discount rate for houses sold through private treaty in Townsville has also recorded an improvement over winter falling from autumn’s 11.0 per cent to 9.1 per cent and the lowest rate since the 8.2 per cent reported over autumn 2014.

Discount rates for units were also down marginally over the three winter months ending August to 11.9 per cent but nonetheless the lowest rate since summer 2016.

Positive signs of improved market conditions in the Townsville market will contribute to restoring buyer and seller confidence in the area that has clearly underperformed in recent years.

The local economy however remains the key to a sustained revival with the ABS reporting strong jobs growth of nearly 13,000 over the year ending July in the Townville region with a July jobless rate of 6.0 per cent well down on the 9.7 per cent recorded over July last year.