PROP­ERTY FRINGE FLOUR­ISHES

Townsville Bulletin - - NEWS - LYDIA KELLNER PROP­ERTY EDI­TOR

29 Buna Av­enue, Mund­ing­burra, IT’S tough go­ing for Townsville’s prop­erty mar­ket de­spite hav­ing cashed in on more than $ 258 mil­lion worth of prop­erty sales in the past six months.

Ex­clu­sive fig­ures show a to­tal of 1429 real es­tate trans­ac­tions were recorded by Core Logic be­tween Jan­uary 1 and June 30, 2017 – 403 fewer than recorded dur­ing the same sales pe­riod last year.

Houses ac­counted for 75.6 per cent of all sales, with the largest num­ber of trans­ac­tions recorded in post­code area 4814, which en­com­passes a large num­ber of fringe- city sub­urbs in­clud­ing Aitken­vale, An­nan­dale, Cran­brook, Gar­butt, Dou­glas and Mount Louisa.

Sales agent An­thony Dare from About Town Real Es­tate said the re­sult matched mar­ket pre­dic­tions made ear­lier this year.

“I am not sur­prised that 4814 has per­formed well over this first half of the cal­en­dar year,” he said.

“The city fringe ad­dresses have e ex­hib­ited ex­cep­tional buy­ing across a broad spec­trum on of­fer from the tra­di­tional three bed and one bath through to the big­ger of­fer­ings.

“Th­ese re­sults cer­tainly in­di­cate what the mar­ket ex­pects in re­gards to value, well- founded homes in good lo­ca­tions, prox­im­ity to The Strand and ma­jor em­ploy­ers be­ing the key.” Bar­gain prop­er­ties proved to be the most pop­u­lar in the first two sales quar­ter of the year with 833 prop­er­ties sold un­der $ 350,000.

A to­tal of 444 prop­er­ties sold be­tween $ 350,000 and $ 800,000 and seven prop­er­ties sold over $ 1 mil­lion, ac­cord­ing to Core Logic.

Post­code 4819, which en­com­passes Mag­netic Is­land, was the only re­gion to re­port a jump in prop­erty sales with 35 trans­ac­tions recorded, com­pared to only 17 sales be­tween Jan­uary and June 2016.

Real Es­tate In­sti­tute of Queens­land zone chair Damien Keyes said while buyer pos­i­tiv­ity was on the up, sell­ers were un­doubt­edly hold­ing back as they waited for the mar­ket to im­prove.

“The mar­ket is def­i­nitely in­tense and avail­able hous­ing stock is tight,” he said.

“The fact the mar­ket is down by 20 per cent, that’s pretty se­ri­ous, and the next six months as we go into our trans­fer cy­cle is go­ing to be crit­i­cal in terms of trans­ac­tions and get­ting our num­bers back up.

“The main is­sue I see is that a lot of home prop­erty own­ers are hold­ing back so we see a lack of qual­ity hous­ing stock, yet the buy­ers are out there, wait­ing and will­ing to buy.

“What we need is for ac­tual projects to com­mence as that will be the key fac­tor for the mar­ket to shift in a more pos­i­tive di­rec­tion.”

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