STADIUM PRICE SURGE
CITY fringe suburbs near the under- construction North Queensland stadium are experiencing price growth and homes are selling quicker as the project progresses.
According to the latest Core Logic figures, median prices have increased in South Townsville, Railway Estate and West End while all properties in all three suburbs are selling much quicker than the Townsville average of 63 days.
Agents are reporting that as the stadium begins to take shape, it’s driving interest in the surrounding homes and house hunters are wanting to buy within walking distance.
Explore Property sales associate Annette Rowlings specialises in Townsville’s city fringe suburbs and said the project was driving buyer interest and sales.
“People are starting to realise that the stadium is coming to fruition and the number of open houses have increased the last 12 months,” Ms Rowlings said. “We are usually getting multiple bidders at auctions and we’re also getting properties selling prior to auction.
“Those areas around the stadium have definitely become more desirable because buyers know more infrastructure is coming once the stadium is built.”
In South Townsville, CoreLogic figures show that in the three months to April 2018 the median house price has risen 1.5 per cent to $ 345,000 while units have gone up 9.6 per cent to $ 307,000. In the same peri- od, prices in Railway Estate have gone up 4.11 per cent and are taking an average of 34 days to sell, while in West End median house prices grew 4.5 per cent in the last 12 months and are taking 53 days to sell.
Ray White Julie Mahoney owner Julie Mahoney recently sold a three- bedroom home at 1/ 44A Hubert St in South Townsville in 11 days for $ 360,000.
She said buyers were not just wanting to buy in suburbs like South Townsville and Railway Estate for the stadi- um, but the likely future development it would bring.
“We’ve noticed in South Townsville young buyers are looking around the stadium but it’s not solely about the stadium but the continued infrastructure it will bring and the potential for capital growth,” Ms Mahoney said.
“There has been some movement in units as well. We’ve sold five units in Railway Estate in very quick succession and that would d indicate there is interest in and d around that area.”