Real Estate Townsville

Market summary

Market summary

2009 proved to be a mixed year for the Townsville property market, with the first half of the year dominated by first home buyers and the second half of the year by investors and upgraders. This provided a mix of results with lower sales volumes and higher median prices in the second half of the year. The land market has taken the brunt of the economic slowdown, with sales volumes still at ten year lows and almost no change in median prices.

2010 began on a positive note with increasing consumer and business confidence. Combined with strong house price growth in the capital cities, fear of rising inflation lead to the Reserve Bank of Australia lifting interest rates three times since the start of the year. The strong rises in house prices in the capital cities has not been reflected in regional Queensland however.

Recent turmoil in global financial markets stemming from sovereign debt concerns in European countries including Greece, Portugal, Italy and Ireland, have destabilized markets and have stripped any gains in general market confidence. As many commentators had originally forecast, the recovery appears to be a long and slow process.

Locally, catalytic projects such as the Flinders Street Mall redevelopment are underway, and a number of social housing projects are providing a boost to the local construction industry.

Premier Blighs recent announcement that Townsville is the States second capital along with policy initiatives to facilitate population growth in regional centres including Townsville in order to ease overcrowding in the south east corner of that State, are all positive signs for the Townsville economy.

Real Estate Townsville

By: Craig Allom

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