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Townsville residential property market 2018 review

Townsvile residential property

Townsville residential property

Townsville’s residential property market in December 2018 has not progressed much further than the market conditions at the beginning of the year.

The market remains in recovery phase.

What has been driving the optimism is mining and government investment in the North Queensland stadium and the Haughton River water pipeline duplication projects, both of which are currently under construction.

Mega projects such as the $22 billion Adani coal mine, the $2 billion Singapore military training initiative and Magnus Resources Battery Gigafactory at Woodstock attracted positive headlines in 2018.

However, the political and logistical headwinds have minimised or delayed these projects coming to fruition. No less matching the positive sentiments against the commentary of maximum benefit to the local economy, that built high expectations on the back of billions in economic opportunity.

Herron Todd White’s review of the 2018 residential property market in Townsville identified the consequence of mismatched sentiment saying, “there remains a feeling of uncertainty around job security and the longevity and impact of these projects.”

The national property valuation firm acknowledged their outlook for 2018 declared at the beginning of the year panned out as predicted.

“The rental vacancy rate has reduced throughout the year and we have seen a slight increase in rents in some locations.”, HTW reported.

Suburbs in the 4810 postcode close to city such as Belgian Gardens and North Ward have seen positive activity and optimistic price demand. This sentiment however has not promulgated into the outer suburbs or the city’s fringes.

Commitment from investors has not manifested. Economic uncertainty has been troubling for buyers. Job security and high unemployment is currently at 9 per cent, gripping a somewhat dejected market. Even buyers that have moved to the City due to the jobs created by the solar energy and civil projects, they feel compelled to continue renting.

Townsville commercial property market unimpressive under $12.6 million deal

Where buyers have dipped their toe in the residential market, better quality homes in the middle suburbs are seeing good inquiry resulting in better proportional settlements.

Residential properties on the fringes and outer suburbs where prices are already bargain basement, at least compared to capital cities, the perceived social issues are easing price movements lower.

Houses are recovering better than units and vacant land.

In the Townsville residential market, as it has been for all of 2018 and previous years, location is a persuasive aspect in the settlements that are occuring.

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Disclaimer

Aaron M, Editior
Aaron is the founder and editor of TREN eMagazine with 15 years experience in the real estate industry investing and helping investors seek value, leverage value and capitalise on value, developing professional and technical skills and capabilities that have enabled his success in business from startups, adoption, asset growth, management and community leadership projects. Aaron also loves travelling, sports, his partner Jodie and helping people discover their "why" and find their few "what's" in life that realise the "wows. The " www" in www.townsvillerealestatenews.com.au is one of his why, what and wow's that strive to add valuable content and analysis for readers to participate and win.
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