Positive signs for Townsville’s property market in 2021

UDIA Townsville branch president Duane Gibson says the Townsville property market has defied the odds and will end the year on a high, with growth expected to continue in the new year.

Duane Gibson is the Townsville branch president of the Urban Development Institute of Australia.


***

As 2020 draws to a close we look forward with great anticipation to 2021.

Our local economy in the North Queensland region has finished the year on a positive note.

In the second quarter of this calendar year the property market was facing a very uncertain future off the back of COVID-19.

However, six months on and it feels like COVID-19 has been a saviour for our property market generally.

It is worth noting that Townsville remains one of the more affordable regions to buy in and this is based on the median house price and median income.

With access to such a diverse portfolio of sectors, Townsville will continue to be a great place to live and invest.

The big movers in house sales over the last 12 months were Kirwan with 267 sales, Bushland Beach with 137 sales, and Mount Louisa with 136 sales.

Over this period, the median house price was $337,750, a 2.3 per cent increase from last quarter.

There were 2438 houses sold over the last 12 months, up 4.1 per cent from last quarter.

There were 487 blocks of land sold in the last 12 months.

Bohle Plains took out the top spot with 65 sales, Jensen recorded 50, and Burdell had 38 sales.

The median land price is $171,500, a 1.5 per cent increase compared to the previous 12 month period.

Median asking rent for houses is $360, a 5.9 per cent increase compared to the same quarter last year.

The median asking rent for units is $290, a 7.8 per cent increase compared to the same quarter last year.

We now have a property market that is generally strong in new home sales, existing home sales and a healthy rental market.

This is a great sign for the continuation of a positive outlook throughout 2021.

Source link