Good sales clearing a previous backlog
Just weeks earlier a penthouse at the exclusive Solarus complex on Palmer St sold to a southern buyer for a recordbreaking $ 2 million while in September another penthouse at 1601/ 122 Walker St sold for $ 1.2 million.
Mark Stevenson and Marion Grice from RE/ MAX Excellence also recently sold a penthouse at the Jade apartment complex in Landsborough St under the hammer for $ 752,000. The three- bedroom apartment had sold in 2011 for $ 700,000.
Mr Stevenson said despite having four bidders vying for the apartment, 12 months ago he would not have been game to try to sell a unit at auction.
“That bit of confidence coming back,” he said.
“There was that period where unemployment pushed up and people put properties on the market and it accelerated an oversupply but I think that has been absorbed now.
“Now is the perfect time to take that opportunity to get into the market.” is A PROPERTY is being sold once every 10 days at Townsville’s riverfront Islington Apartments complex.
A total of 22 two or threebedroom apartments have sold at the Aplin St complex, which is across Ross Creek from the under- construction new Townsville CBD stadium.
Now just four apartments remain available as Townsville’s inner city unit market begins to flourish.
Knight Frank head of projects Andrew Foster, who has been marketing the apartments, said a careful analysis of market conditions and buyer interest was done before the properties were listed for sale.
“We didn’t just go in and say this what they’re worth, we had to find out who is buying in the market,” he said.
“We did an analysis and we f found there was a strong demand from owner- occupiers wanting to move closer in to the CBD for work or amenities- based reasons.
“While some people that own there have a tenant living there, they eventually plan to live there and if you look at that as an owner- occupier you’ve got over 90 per cent that are owner- occupiers.
“Everybody in Townsville thinks it’s investors buying apartments but it’s not.”
Islington Apartments were built in 2009 by Honeycombes Property Group.
Many of the units have water views while the complex has a large in- ground pool, spa, gym, sauna and barbecue.
Mr Foster said the unit market was showing signs of recovery and an oversupply of stock had dried up.
“My assessment is that the current unit market in the CBD and surrounding areas has had a vast improvement in the last three to four months,” he said.
“If you looked at the units and apartments available in Townsville 18 months ago you would be scrolling through 25 pages, but now you’d be lucky to scroll through four pages of decent stuff.”