SALES PICK UP PACE
Annual median sale price: $ 320,000 ( down 4.5% in a year) Total residential property listings: 2018......................................... 4601 2017 ......................................... 3760 Stock on market: 2018 ......................................... 7.4% 2017 .......................................... 6.1% Median days on market: 2018 ............................................. 62 2017.............................................. 64 Median vendor discount: 2018 ............................................ 8% 2017.......................................... 7.8% Annual median sale price: $ 265,000 ( up 1.9% in a year) Total residential property listings: 2018.......................................... 1039 2017 ............................................ 881 Stock on market: 2018 ......................................... 5.5% 2017........................................... 7.1% Median days on market: 2018.............................................. 67 2017.............................................. 89 Median vendor discount: 2018 ......................................... 8.3% 2017 ......................................... 8.2% HOUSE and unit prices in Townsville are yet to record any significant price growth, but residential properties are selling faster than they were a year ago, according to new data.
The REIQ Queensland Market Monitor report for the September quarter shows that the annual median house price fell 12.5 per cent in the past 12 months to $ 320,000.
Units fared better recording a 1.9 per annual increase in September to $ 265,000, however, during the past five years the median price has dropped 12.8 per cent from $ 304,000 in September 2013.
Days on market have reduced for both houses and unit with houses taking 62 days to sell in 2018 compared to 64 days in 2017.
Median days on market for Townsville units in 2018 was 67 compared to 89 in 2018.
REIQ Townsville Zone chairman and First National Nicholson principal Wayne Nicholson said he felt the market had improved during the last quarter of 2018.
“My thoughts are those numbers in the report might be lagging a bit for Townsville and some more up- to- date numbers from the end of November would probably have been more accurate,” he said.
“If you list a property and it’s at the right price it’s selling in probably 30 days.
“I’m cautiously optimistic that 2019 will be better because when those vacancy rates get between 2- 3 per cent then we’ll get investors starting to come back and that normally kickstarts the property market.”
According to the report, the outlook for 2019 remains challenging and supply is expected to outstrip demand during the coming months.
The unit sale market is in recovery but the regional economy needs to grow to sustain future price growth.
The Townsville rental vacancy rate was sitting at 3.9 per cent in September with 300 new rentals lodged with the Rental Tenancy Authority during that quarter.
Mr Nicholson said while the official vacancy rate hadn’t yet fallen below 3 per cent many real estate offices in Townsville had vacancy rates of 2 per cent or lower.
“I manage rental properties and I’ve only eight that are vacant.”
No Townsville suburbs recorded double- digit price growth in the 12 months until September but nine suburbs did show an annual median price growth between 1.7 per cent and 8.8 per cent.
Listing volumes increased 22.4 per cent, from 3760 in August 2017 to 4601 in August 2018. Sales volumes weakened 10.1 per cent, from 2095 in September 2017 to 1884 in September this year. got