Overview
Townsville property market has experienced growth across all residential categories of homes, units and land in month of October 2022.
Growth in prices in the 3 to 5 bedroom homes category for the month of October 2022 is an average 10%. Growth in the 3 bedroom house price category achieved an increase of 10.7%.
The median purchase price for houses in Townsville is $476,000.
Rental Performance
Rental price growth has also been bullish with an average price growth of 10.4%. Again, 3 bedroom houses experienced the highest price gains with 7.3% increase.
Yields
Yields in the resident house investment market have experienced negligible growth.
With a marginal .35% increase, yields are indicative of the holding cost pressures this category of property investment attracts in the Townsville Local Government Area (LGA).
Yields in the unit market has seen a decline by 3.16%, down to 3.60%.
Rental prices have increased on average 5.2%. 2 bedroom unit stock pushed up 6.05% while 3 bedroom unit prices pushed up 4.9% in the same period.
Unit prices have increased to a median price of $461,000 with 2 bedroom unit prices leading the market increasing 9.4% to $352,000.
Three bedroom unit prices have increased by 8.2% to a median of $571,000.
Suburb Highlights
Four suburbs in Townsville have achieved over 14% annual price growth. These suburbs include;
- Oonoonba (14.9%)
- Rasmussen (14.8%)
- Balgal Beach (14.23%) and
- Condon (14.14%).
All suburbs however are off a low base in sale volumes of eleven or less each suburb in 12months.
However, the higher sales volume suburbs of:
- Kirwan (11.1%)
- Burdell (7.14%)
- Bushland Beach (9.63%) and
- Kelso (12.9%)
have also achieved strong price growth in the past 12months.
Volumes
Total monthly sales volume for the Townsville market in October 2022 was 329 houses and 53 units.
234 house rentals and 163 unit rentals were tenanted in October 22, compared to 392 for houses and 148 units just 12 months earlier in 2021.
But this demand for accommodation in Townsville is still down on the location peak demand in 2018 when 392 houses and 228 unit rentals per month were being tenanted.
Currently, 432 listings of houses and 63 units are for sale. Houses are on the market for an average 43 days while days on market for units sits at 63 days.
Both houses and unit are being held for 9.5 years by investors.
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