2 minute read
BACK ON THE RISE
By Georgie Desailly
Townsville’s rising property market has been defying the odds with a year of unanticipated growth.
Advertisement
From the high unemployment rates to the 2019 flooding event and the outbreak of COVID-19, it’s no secret that Townsville’s housing market has been hit hard over the past few years. However, with the city now recovering from the pandemic, confidence has since returned to the local market, with a recent report from REA Group showing a 6.3 percent increase in the region’s housing prices.
Business Manager at Keyes & Co, Kirsty Keyes says the Townsville property market has defied the odds, with this growth expected to continue throughout the year.
“COVID-19 certainly had a huge impact on our local real estate market but, for the most part, looking back it has turned out to be a positive one,” explains Kirsty.
“During the first months of the pandemic, most real estate businesses suffered up to 50-60% downturn in sales.
“However, the new year has seen the market take an unexpected spike and we now have unprecedented numbers through open homes and have seen a surge in sales.”
Kirsty says the majority of the activity continues to be driven by local homeowners looking to take advantage of the record low interest rates and affordable housing options.
“The low interest rates have seen the demand rapidly increase, with investment returns on a property in Townsville still remaining high,” she explains.
“With buyer numbers only increasing each week we see this current trend continuing into the foreseeable future and we are encouraging our clients to take advantage of what is happening in the market right now.”
JULIE MUNRO
Owner of Ray White Townsville, Julie Munro agrees and says the market is now the strongest she has seen in years, crediting the boom to the recent resumption of business activities in the region.
“This is an industry that has not only survived the pandemic, but thrived,” explains Julie.
“From the recently developed stadium, to new local expansions, there is a lot of business activity resuming post-pandemic that is helping to boost the housing market.”
Despite the resurgence, Julie says Townsville still remains as one of the more affordable regions to buy in.
“As buyers demand increases, Townsville continues to be one of the more affordable places to live and invest,” she continues.
“Amongst the intense turmoil of the past few years, it is great to see the local housing market soaring back up to its rightful spot.”
