Latest news with #TownsvilleRegion
News.com.au
3 days ago
- Business
- News.com.au
Townsville unit price growth overtakes houses
Townsville home prices have continued to surge, with the latest property data revealing the unit market outpaced the house market in the past 12 months. The June PropTrack Home Price Index showed the median home price in Townsville shot up 20.19 per cent in the year to May to sit at $540,500. Home prices were also up 2.19 per cent in the May quarter. Townsville unit prices rose 22.42 per cent in the past year to sit at a median of $422,000, while house prices were up 19.95 per cent to a median of $607,000. In the May quarter, the average unit price increased 0.9 per cent and the average house price was up 2.33 per cent. Jools Munro, owner of Explore Property Munro & Co, said while the Townsville property market remained strong, the unit market in particular was running hot. 'Unit days on market are now shorter than houses,' she said. 'I haven't seen that in my experience. 'Around January 2024, units were sitting at about 120 days on market, now they're under 40 days. 'That's a direct reflection of affordability in the Townsville market.' Tradie couple's $300k reality check Ms Munro said she was seeing more first homebuyers looking at units and townhouses after being priced out of the house market. 'It's so hard to buy any house under $500,000 that's remotely attractive,' she said. 'We absolutely still see first homebuyers and buyers under 40 turning up to open homes for houses priced between $650,000 and $750,000, but the ones who don't have those dollars, with budgets still sitting in the $400,000s, they have to look in the unit market.' Ms Munro said while the Townsville property market wasn't going to see price drops anytime soon, competition was starting to wane. 'The number of enquiries from interstate investors have dwindled, which is lovely for locals,' she said. 'In March, we launched a property in Mt Louisa that attracted 26 written offers. 'It was listed for offers over $575,000 and sold for $653,000. 'We haven't had that flurry on a property since March. 'Last month, about 75 per cent of our sales were to owner occupiers.' Ms Munro said in more good news for buyers, some suburbs looked to be getting close to their price ceilings. 'Cranbrook, for example, had the big rush, the 34 per cent increase in house prices, but I can't see too many recent sale moving into the $600,000s,' she said. 'Now what I'm seeing is sales in the $550,000 to $570,000 price brackets. 'Water always finds it balance and the market does too.' The PropTrack report showed regional Queensland recorded a 0.25 per cent rise in home prices in May, to a median of $733,000, bringing them 8.66 per cent above May 2024 levels. The median house price in regional Queensland hit $769,000 in May, up 0.36 per cent month-on-month and 8.96 per cent year-on-year. The median unit price dropped slightly last month, down 0.14 per cent, but was still up 7.58 per cent year-on-year to sit at $674,000. REA Group senior economist, Eleanor Creagh said in Brisbane home prices peaked in May, rising 0.24 per cent to reach $889,000. 'Brisbane's median house price has hit a new high as it edges close to $1m, sitting at $998,000 in May,' she said. 'Annually, home prices in Brisbane were up 8.38 per cent as both houses (+7.8%) and units (+11.42%) recorded growth over the year. 'Brisbane remains one of the top performing capital city markets over the past year, alongside Adelaide and Perth.' The Home Price Index showed national home prices increased 0.39 per cent in May, marking the fifth consecutive month of growth and a new record high for Australian home values. 'With interest rates falling, price momentum has increased and broadened, with all capitals seeing prices lift in May,' Ms Creagh said. 'The growth seen in all capital cities is underpinned by improved buyer sentiment and renewed confidence following interest rate cuts. 'With further price increases and rate cuts expected, prospective buyers are moving off the sidelines and accelerating their purchasing decisions.' Ms Creagh said looking ahead, stretched affordability would remain a constraint, but a chronic lack of new housing supply, population growth and targeted buyer incentives were expected to keep upward pressure on prices. 'In combination with interest rates continuing to move lower, these factors are likely to drive further price growth throughout the remainder of 2025,' she said.
News.com.au
09-05-2025
- Business
- News.com.au
Million-dollar suburban homes to be the norm in Townsville by 2030
Townsville could be home to 13 million-dollar suburbs by 2030 if the surging pandemic boom price growth continues for another five years. Exclusive PropTrack analysis forecasted 12 markets across the wider Townsville region would at least double, as the average unit and house price for most suburbs was predicted to rise. Topping the list was the Home Hill house market where the median price was expected to skyrocket 165 per cent by 2030, from $265,000 to $702,000, based on trends since the pandemic boom. Meanwhile, Charters Towers City would likely see the average cost of a house hit $543,000, up 124 per cent from the current median of $243,000. Sitting in third place was the Hermit Park unit market with the average sale price looking to shoot up 116 per cent, from $270,000 to $583,000. Rounding out the top five were the Heatley house market, predicted to surge 115 per cent to $998,000, and the Rasmussen house market, up 114 per cent to $986,000. The suburbs of Idalia, Annandale, Jensen, Hermit Park and Alice River were among 13 tipped to hit a median house price of more than $1m. North Ward was the only suburb poised to crack the $2m mark, with house prices forecasted to increase 108 per cent to $2.366m by 2030. Keys and Co Property director Damien Keyes, said he expected Townsville home prices would continue to trend up across the next five years, but by how much was anyone's guess. 'It's impossible to predict how the market will go – no one saw the 30 per cent price growth we saw in some suburbs in 2024 – but I'd like to think we'll see increases,' he said. 'The prediction was that we'd see strong price growth this year and so far that's been happening. 'It's a far cry from the dark old days of 2013 through to mid-2019.' Mr Keyes said city fringe markets such as North Ward and Castle Hill through to premium suburbs such as Hermit Park and Annandale had performed incredibly well since 2020 and he expected that to continue. 'Buyers are seeing value in those areas because you can't get vacant land and the cost to build a new home has significantly risen,' he said 'That's creating a bigger gap between what it cost to build versus what it costs buy. 'Established home prices will continue to grow unless those building prices come down, and I don't see that happening any time soon.' Mr Keyes said the upper end of market wasn't the only segment seeing strong growth. 'The investor market has been running strongly for the last two years and that's typically properties priced $650,000 and under,' he said. 'I expect that to run strongly to the end of the year at least. 'Then there's the buyers in that second and third home market. 'They're in that $900,000 to $1m, which was not as attainable five or six years ago. 'Now those prices are becoming more common in Douglas and Annandale and other parts of suburbia. 'Hermit Park has seen some massive prices that they haven't seen before 'I sold 7 Inlet Retreat in Douglas for a suburb record of $1.65m in 2023 and 1 Escort Pl, Annandale, for $1.725m in 2024, which was the second highest sale price for the suburb.' The PropTrack analysis showed the smallest price hikes in the Townsville region were predicted for the unit markets in Townsville City (14%), South Townsville (19%), Railway Estate (26%) and Ayr (28%). TOWNSVILLE SUBURBS PREDICTED TO HAVE A $1M+ HOUSE PRICE BY 2030 Suburb Property type Current med price 5 year % change Med price 2030 North Ward House $1,140,000 108% $2,366,000 Jensen House $809,000 93% $1,558,000 Alice River House $805,000 56% $1,252,000 Annandale House $652,000 67% $1,086,000 Deeragun House $505,000 110% $1,063,000 Idalia House $683,000 55% $1,056,000 Thuringowa Central House $511,000 104% $1,042,000 South Townsville House $573,000 82% $1,040,000 Garbutt House $490,000 111% $1,033,000 Wulguru House $505,000 102% $1,020,000 Bushland Beach House $621,000 63% $1,016,000 Hermit Park House $559,000 80% $1,006,000 Burdell House $575,000 74% $1,002,000 TOWNSVILLE REGION PRICE PREDICTIONS – 2030 Suburb Property type Current med price 5 year % change Med price 2030 Home Hill House $265,000 165% $702,000 Charters Towers City House $243,000 124% $543,000 Hermit Park Unit $270,000 116% $583,000 Heatley House $463,000 115% $998,000 Rasmussen House $461,000 114% $986,000 Garbutt House $490,000 111% $1,033,000 Deeragun House $505,000 110% $1,063,000 North Ward House $1,140,000 108% $2,366,000 Nelly Bay Unit $445,000 107% $921,000 Thuringowa Central House $511,000 104% $1,042,000
