A MESSAGE FROM JAKE MURPHY
The Townsville real estate market has had a complete turnaround from where we were 3 to 5 years ago. The economy is again very strong, and it feels even more positive than the boom we had back in 2005 to 2008 when a lot of property doubled in price.
Townsville has seen several changing markets over the past 30 years. In the early 90’s the market was then affected by Australia falling into a
recession, the “recession we had to have” and interest rates hit 17%. Then Townsville bounced back strongly in the mid 2000’s with the mining boom, driving our economy, providing jobs and investment, and homes were sometimes doubling and tripling in a 3–4-year period. This was an interesting period because interest rates were rising but in Townsville there was so much confidence and jobs that property prices rose at the same time.
In 2009 we then had to adjust after the Global Financial Crisis and banks tightened up lending, property prices trended downwards, and unemployment rose hitting 10-11%. In 2010 the government stimulated the market with incentives and payments.
The rental market is averaging just .6% vacancy and with rental prices back to where they were 10 years ago. Our unemployment rate is at an all-time low at just 3% and with job opportunities and the North Queensland lifestyle attracting people to our city, it’s no wonder our market is performing strongly.
With 6,230 residential sales in Townsville over the past 12 months it is now a $2.4 billion market. Mentionable suburbs like Idalia seeing a $517,000 medium house price from 152 sales. This is up over 20% in the past 2 years.
Medium house prices in the surrounding suburbs like Annandale being up 25% to $505,000 and Douglas up 20% to $470,000. All three suburbs are well above the Townsville average of $400,000. Values have grown across nearly all suburbs, but our real estate is still very affordable with a very strong rental market, investors are seeing Townsville as great value.
Out of town buyers are choosing Townsville for a holiday home or winter getaway and purchasing an apartment or house to come and stay during the year and rent out when not using it has become very popular. With the affordability challenges the capital cities have, Townsville is one of the lifestyle regions that have benefited.
So, we have seen plenty of changing markets but also a lot of change in how properties transact and how buyers and tenants secure their next home. Technology and digital marketing are helping people secure homes sight unseen and I love that we have been able to make it easier for people to find their next home through the systems and processes we have had the opportunity to implement over the last 2 years.
The team, at McGrath Townsville had the privilege of helping over 1800 families find a new home or rental in the past 12 months and we are very excited about serving our community throughout 2023.
Yours Sincerely, JAKE MURPHY 0432 347 694 jakemurphy@mcgrath.com.au
18 CEDARBROOK TERRACE, IDALIA - SOLD $490,000
9 LAKELAND BOULEVARD, IDALIA - SOLD $427,000
4 THE CLOSE, IDALIA - SOLD $450,000
389 STANLEY STREET, NORTH WARD - SOLD $1,250,000
31 WATERLILY CIRCUIT, DOUGLAS
- SOLD $870,000
8 STRATHMORE COURT, ANNANDALE
- SOLD $490,000
36 MAYNESIDE CIRCUIT, ANNANDALE
SOLD $582,000
- SOLD $700,000
12 MURPHY
- SOLD $426,000
15 LAWSON STREET, MYSTERTON
STREET, ROSSLEA
