‘Troughed’ prices on way up Double-digit boom tipped
TOWNSVILLE’S median house price is poised for double-digit growth by 2022, a new report by QBE Lenders’ Mortgage Insurance shows.
Real estate agents are seeing an increase in activity and buyers are getting into the market while prices are low.
Ben Sheppard, who recently bought a house in West End with his fiancee Elli Turton, said he had moved to Townsville from the Sunshine Coast to work on the North Queensland Stadium.
“We moved up here about eight weeks ago for work and we thought the house prices were so cheap,” Mr Sheppard said.
“We noticed that house prices in Townsville had been low for a couple of years and thought they’d be due for a rise soon so we thought we’d come up and take advantage of it. We’re looking to renovate it (the house) and see what the market does.”
QBE Lenders’ Mortgage Insurance CEO Phil White said the Townsville economy appeared to be slowly turning a corner.
“Townsville’s vacancy rates have tightened, particularly following flood damage to properties,” Mr White said.
“It is expected the worst is now over for the Townsville residential market with prices having troughed. Recent price drops also mean that house prices in Townsville are already at a low base.
“Our report sees the median house price up 10 per cent over the next three years to $345,000.”
M Property agent Tracey Stack, who sold Mr Sheppard the house, said she had seen an increase in buyers getting into the market recently.
“I’ve seen a significant increase in the numbers through open homes and days on the market have shortened for me as well,” Ms Stack said.
“With incredibly high employment demand in Townsville at the moment, people already here and who are becoming more confident about keeping a wage are now competing for a home with new residents attracted here by jobs.
“This looks like it will keep going as new residents believe our homes are very affordable compared with other large regional cities and the capitals.”