Big surge in unit values Median prices up by 11.7%

TOWNSVILLE has emerged with double-digit growth in median unit values in the year to April, with activity continuing to surge despite the COVID-19 lockdown.

Latest regional council figures by property analysis firm Corelogic found median house values grew by 3 per cent in Townsville over the 12 months to April, but its units surged a massive 11.7 per cent.

The Real Estate Institute of Queensland Townsville zone chair, Ben Kingsberry of Harcourts Townsville, said people were “finally” recognising Townsville’s great value.

“It’s been underpriced for a long time and people around Australia have finally woken up to it,” he said.

The area still represents some of the best-priced investment properties, with the median house price at $308,868 and median unit value at $230,402.

Corelogic data showed 2281 houses were sold over the 12 months and 506 units, with investors drawn to strong gross rental yields of 6.2 per cent for houses and 6.5 per cent for units.

The Regional Market Update showed that sales were also surging, up 12.5 per cent on a year ago.

Lead agent Julie Mahoney of Ray White said 2020 started out strong.

“Townsville, being regional, has had its challenges in the marketplace for a prolonged period of time, but January and February were some of the best that we’ve seen since 2007 and probably the secondary peak in 2012.”

She said the high-end market was going “exceptionally well” above the $1 million mark.

But she said people were also looking for quality in all price ranges, adding: “There are still some really good purchases, however the inner-city market is showing great attraction for people relocating from the suburbs, wanting to be closer to the city.

“I’m also seeing a huge trend in people that I have sold for in the past who have relocated to the major cities wanting to return with their families to live in paradise, and because, through COVID-19, it’s taught them that we are capable of working from anywhere remotely.”

Mr Kingsberry said the industry knew there was a recovery under way.

“We were expecting these positive numbers,” he said. “The market’s been buoyant in the last six months. Even as we’ve had the COVID-19 lockdown in place, the vacancy rate has continued to fall in Townsville.”