Townsville home prices up for 25th month

News.com.au

2 days ago

Townsville home prices have been trending up for more than two years, with property values in the north's capital hitting a fresh peak in July.
The latest PropTrack Home Price Index revealed Townsville home prices increased 16.69 per cent year-on-year and 1.21 per cent quarter-on-quarter last month to sit at a median of $551,000.
This was the 25th consecutive month of home price increases in Townsville.
In the house market, the median price lifted 0.98 per cent in the July quarter and 15.91 per cent in the past 12 months to $589,000.
The median unit price hit $428,000 in July, up 2.31 per cent quarter-on-quarter and 20.38 per cent year-on-year.
Ray White Townsville managing director, Giovanni Spinella said property prices were still heading up in the region, but growth had begun to stabilise.
'Figures are getting back to single-digit growth,' he said.
Mr Spinella said unit prices was outperforming the house prices, as first homebuyers sought affordability.
'They're considering their options and looking at townhouse and units as a first step into the market,' he said.
Mr Spinella said demand and stock levels remained solid in Townsville.
'The lower end price points are still getting smashed and homes are selling within a few day of hitting the market.
'The high end is doing well … and the mid-range, upgrader market is performing consistently.
'Stock levels are still tight but we haven't see a decline in available stock on the market in last 12 months.'
Seller Glenys Rowe is listing her West End Queenslander for sale and is confident selling in the current market.
The veteran film producer said she was shocked how affordable Townsville was when she bought the home at 47 Stagpole St five years ago.
'I bought it for its fabulous architectural value, the history of it and the pleasure of living in a Queenslander,' she said.
'I'd pay big bucks for that.
'So I could never understand why Townsville prices were historically low as they were.
'They've turned a corner now and it's an appropriate price for what you get.
'But I think it's extraordinary what you get in Townsville (for your money).'
REA Group economist Anne Flaherty said in wider regional Queensland, home prices rose 0.6 per cent in July to a fresh peak of $728,000, and sat 9.8 per cent higher year-on-year.
'Home prices in regional Queensland have almost doubled over the past five years, rising 90.3 per cent,' she said.
While in Brisbane, the average cost of a house remained above $1m for the second consecutive month, sitting at $1.067m.
'Brisbane's median home value hit $919,000 in July, marking the city as the second most expensive capital, only behind Sydney ($1,194,000),' Ms Flaherty said.
The PropTrack report showed Australia's median home price hit a new record high in July, rising by 0.3 per cent across the month and 4.9 per cent across the year to $827,000.
'The median value of a house is now sitting at $915,000 nationally, with units at $678,000,' Ms Flaherty said.
'Despite the Reserve Bank's surprise decision to keep interest rates on hold in July, prices rose in all cities bar Canberra.
'Yet the pace of growth did slow down in July, resulting in the smallest monthly growth seen this year.'
Ms Flaherty said regional areas outperformed their capital cities counterparts in most markets, recording stronger growth over both the month and the year.
'South Australia remains the strongest market, with Adelaide and regional SA the two top performing regions in the country,' she said.
'While the number of homes for sale has slowed over winter, buyer demand remains strong, with auction clearance rates sitting at the highest level in more than two years.
'Home prices are expected to break into new territory later this year, with further interest rate cuts expected to add momentum to price growth.'