Prop­erty out­look stronger

Townsville Bulletin - - NEWS -

ME­DIAN unit prices jumped 14 per cent in Townsville dur­ing the June quar­ter and the prop­erty mar­ket is pre­dicted to strengthen, with mil­lions be­ing poured into the re­gion through public and pri­vate in­vest­ment.

The REIQ’s June quar­ter Queens­land Mar­ket Mon­i­tor shows in the three months to the end of June, the me­dian unit sale price jumped 14 per cent from $ 235,000 in March to $ 268,000 in June.

De­spite the rise, me­dian unit prices dropped in the last fi­nan­cial year by 10.5 per cent.

House prices dropped in the June quar­ter by 4.6 per cent to $ 315,000 while an­nu­ally the house mar­ket fell 3 per cent.

Sales of units were mainly be­low $ 250,000 while sales of houses were pre­dom­i­nantly be­low $ 350,000.

The re­port states that the Townsville house and unit mar­ket had strug­gled due to a weak econ­omy but this was ex­pected to im­prove in the third quar­ter of the year.

REIQ Townsville zone chair­man Damien Keyes said Townsville’s strong ren­o­va­tors mar­ket, where prop­erty flip­pers were snap­ping up cheap homes, had im­pacted prices.

“They are buy­ing homes at that lower price point so it’s not sur­pris­ing that has driven that me­dian house price to lower lev­els,” he said.

The re­port said Adani’s de­ci­sion to base in Townsville is a key driver for eco­nomic re­cov­ery and that projects such as the North Queens­land Sta­dium, $ 6 mil­lion ex­pan­sion of Do­main Cen­tral and $ 56 mil­lion pro­posal to ex­pand the ferry ter­mi­nal were “real ex­am­ples of eco­nomic pros­per­ity flow­ing into the re­gion”.

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