Property prices continue to track upwards nationwide but Townsville is bucking the trend. The North Queensland hotspot boasts a spectrum of affordable opportunities, making it an enticing market for first-home buyers and investors. Recent data from PropTrack's Home Price Index sheds light on the city's diverse offerings which diverge from national trends.
The national median house price surged by 4.55% over the past 12 months to September, reaching $821,000. Sydney recorded a median house price of $1.365 million, while Melbourne and Brisbane reported $924,000 and $865,000 respectively.
In comparison, Townsville home prices rose 5.52% within the year, with a quarterly increase of 2.16%. The current figures position the median house price at $406,163, and for units, it stands at $334,934.
The figures reveal a market catering to various budgets. Nearly 80% of houses are listed for less than $600,000, a reassuring statistic for those seeking affordable housing options. For buyers with a tighter budget, over 37% of houses fall under the $400,000 mark, providing considerable supply in this range.
For those seeking properties within the $400,000 to $600,000 bracket, approximately 40% of the listings reside in this mid-range segment. As the price increases, the market naturally offers slimmer pickings, with around 14.5% of houses between $600,000 and $800,000, and only 4.09% within the $800,000 to $1 million range.
The city’s unit market mirrors this trend, with over 78% of units listed for less than $400,000, demonstrating a high proportion of affordable options for potential buyers. The data paints a picture of a market where the majority of available properties cater to more budget-conscious home seekers.
While the market leans towards the affordable end, it's not devoid of options in higher ranges. Yet, the listings in upper price brackets - properties valued at more than $1 million - are limited, contributing to Townsville's diverse yet primarily budget-friendly real estate landscape.
According to Townsville-based Freedom agent, Treacy Neilson, “The Townsville market is very buoyant at the moment. We are waiting the arrival of 500-plus military personnel moving to Townsville at the end of 2023.”
She has observed “...strong investor interest in the area from inter and intra-state with close to zero rental vacancy and low entry prices. Sellers are also in the market wanting to upgrade their properties.”
Townsville Property Market by Price Range
Houses:
<$400,000 – 37.70%
$400,000-$600,000 – 40.30%
$600,000-$800,000 – 14.50%
$800,000-$1M – 4.09%
$1M-$1.5M – 1.63%
$1.5M-$2M – 0.70%
>$2M – 1.08%
Units:
<$400,000 – 78.05%
$400,000-$600,000 – 13.86%
$600,000-$800,000 – 3.88%
$800,000-$1M – 1.55%
$1M-$1.5M – 1.22%
$1.5M-$2M – 0.22%
>$2M – 1.22%
Aspiring homeowners keen on exploring a dynamic real estate landscape with a range of price points should consider Townsville a promising playground.
The city's varied offerings also make it an appealing prospect for agents seeking to navigate a market with an array of property options for potential buyers.
If you want more information about working with our Freedom Property team in Townsville or elsewhere, please fill out the form below.
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