This week’s winner – 6 Newell Court Mount Low
As part of the northern beaches development corridor in Townsville North Queensland, Mount Low is popular with couples and families because of the estates such as Sanctum offering block sizes larger than the average property.
The neighbourhood of just over 4600 residents and 1430 dwellings has on average 3.4 persons occupying each dwelling.
Like the Rangewood estate featured in last week’s Top Price Property of the Week, Mount Low is a location that has acreage lots, and brings with it the value of freedom, that such an outer urban lifestyle offers.
However, Mount Low has standard residential lots also which have been presented and made appealing to investors. Mount Low has a higher average number of rental properties than all of Townsville suburbs combined.
In addition, the lifestyle of Mount Low is semi-rural located on the northern beaches and just a short bike ride to Bushland Beach.
As twelve percent of the population attend university studies, construction of the final stage of the Townsville ring road has connected Mount Low and the northern beaches to major infrastructure and services at James Cook University, Townsville Base Hospital and Lavarack Army Barracks, reducing the journey time by as much 20 minutes.
The vendors and agents have achieved an excellent result getting this property to TREN’s Winner of the Top Price Property of the Week with a sale price of $560,000.
In the face of what many commentators and the researchers have confirmed, the market for sellers has been very tough indeed.
Property estate agent, Alison Gough from Explore Property supplied a description of the property for TREN.
Ms. Gough said the property has a “Modern home that provides freedom both inside and out is just what the astute acreage buyers are looking for and this home offers just that. A generous five-bedroom home with multiple living areas and livable bedroom spaces is just the start.
“The master suite presents as a genuine retreat with two-way access walk through wardrobe, dual vanity and a substantial bedroom space. A central kitchen area with ample storage options, island preparation bench and induction cooking is a pure pleasure.
“Liveable Features include:
- Semi open plan living from the kitchen
- Generous Theatre room
- Cleverly designed wide hallways
- Separate bath and shower to the main bathroom
- Split system air conditioning throughout
- Built in wardrobes
- Internal laundry
- Double linen cupboard
A 4,426 sqm fenced allotment with established gardens accompanied by drip feed irrigation.
“The 12 x 7.5 metre powered work shed has clear driveway access to the back of the property and the home includes remote double garage.
“Located just 15 minutes north of the Townsville CBD and Townsville Airport, Mount Low is positioned in the heart of Townsville’s growth area – The Northern Beaches.
“Mount Low is now a short 10-minute drive from the Townsville Hospital, James Cook University and Lavarack Barracks thanks to the recently completed Stage 4 Townsville Ring Road extension which links the Northern Beaches directly to essential services and major employment hubs.
“Within close proximity are local State and Catholic primary and secondary schools as well as access to the beach and boat ramps to experience some popular fishing destinations.”, Ms Gough said.
The suburb of Mount Low has a population of 4655 people, 1656 dwellings and 1273 families based on the 2016 Census.
Residents living in Mount Low have an average weekly income per person of $840. On average families earn $1926 and households earn $1,869 per week. 14.6 percent of residents earn more than $3,000 per week in income.
The suburb has generated approximately 60 sales over the past 12 months.
Mount Low has a current median house price of approximately $345,000. While just twelve 12 months ago, the suburb recorded a median house price of approximately $380,000.
The decline in the median house price represents an approximate drop of -9.3 percent. In 2013, the median house price was approximately $328,000 and five years earlier $166,000.
The historical medium house prices indicate the short history of the suburb and the growth that has occurred in such a short period where in 2011 the census shows just over 2000 people lived in Mount Low compared to 4655 in 2016.
Mount Low has inadequate unit dwelling stock to define a reliable median price. In August 2016, the suburb had just 2.4 percent of the population living in semi-detached units. 97.3 percent are separate houses. 67.8 percent have 4 or more bedrooms and 28.1 percent of dwellings have 3 bedrooms. The balance of dwellings is 1 and 2 bedrooms.
48.2 percent of dwellings in the suburb are owned with a mortgage, while a significant 39.4 percent are rented and 10.4 percent are owned without a mortgage.
Mount Low is a very popular location for families comprising 86.6 percent of all households.
Also, Mount Low has substantial investor interest because of the high number of rental properties which is slightly above the Townsville average and nearly 10 percent above the Australian average.
Based the 2016 Census, the median rental price for houses in Mount Low was $330 per week with an approximate rental yield of 4.8 percent, down from approximately 6.0 percent in 2013.
Approximately 230 rental properties were turned over and/or newly built in the market over the past 12 months.
The average mortgage payment per month in the estate is $2,058. And again, over 88.4 percent of households with a mortgage spend less than 30 percent on mortgage payments per month.
Achieving a sale price of $560,000, the weekly top price property at 6 Newell Ct Mount Low will impact the median sale price for the area as it is approximately $215,000 above the current median sale price for houses in the suburb.
The Townsville market is showing signs of a recovery on the back of increased business confidence, development stimulation and industry investment.
The vendors purchased the property as block of land or a house and land package in November 2004. The land purchase price was $75,000. The cost of the build is not available.
The demographic profile of Mount Low is favourable to families; older, maturing and young couples make up 72 percent of the population. Independent singles, youth and the elderly makeup approximately 21.8 percent.
The suburb is approximately 1 ½ to 3 kilometres from two government and one private Catholic school for primary and secondary students. James Cook University, Townsville Base Hospital and Lavarack Army Base is approximately 20-25 minutes drive from this property.
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