Townsville house prices have risen by almost $80k in the past year.
Townsville property prices have risen more than the average Queensland wage in the past 12 months, rising by almost $80k to $605,000, while remaining the state’s most affordable big city.
Townsville’s surge of 15.6 per cent earned it a top-five result in Queensland, while house prices in Greater Brisbane and the Gold Coast both rose by about $149,000 last year, according to the PropTrack Home Price Index released on Monday.
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A two-bedroom unit at 5/31 Blackwood Street Townsville City, was among the units sold in January – this one for an undisclosed sum, although it was listed on offer at over $449k.
Despite dipping slightly in January, PropTrack economist Angus Moore said Townsville’s momentum remained strong.
“Townsville prices actually went down a little bit in January, although it’s a small market, and the usual January scratches are working,” Mr Moore said.
“I wouldn’t read too much into that. If you look at the last three months, we’re up two percent, which is really strong.”
Townsville’s median income of $605,000 compares favorably with Greater Brisbane’s $1.023 million and the Gold Coast’s $1.15 million, which is now Australia’s second most expensive market, ahead of all major states and territories except Sydney.
Mr Moore said Queensland had seen a huge change in affordability.
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PropTrack economist Angus Moore.
“Brisbane is more affordable than ever. Queensland is now the third least expensive state in Australia, coming from being one of the least expensive states going into the pandemic,” he said.
“That reflects the fact that prices have doubled since the beginning of 2020.”
Housing prices in Greater Brisbane have increased by 95.7 per cent in five years, while regional Queensland has increased by 88 per cent.
Ipswich and Logan have emerged as Australia’s strongest property markets outside of Western Australia, with Ipswich leading the east coast with 17.8 per cent annual growth to $860,000, while Logan-Beaudesert recorded 17.3 per cent growth to $897,000.
Place Estate Agents Alex Rutherford said market conditions were at their best in Queensland.
“It’s funny,” she said. “It’s out of control. Once we list a property online, we get email inquiries in the first 30 seconds … Depending on the price point, it can be desperate. The fear of missing out is very important.”
Alex Rutherford of Place Estate Agents.
He said one-bedroom units were the hottest ticket now, seeing the basis of a 5 per cent deposit scheme for properties under $1 million – a Brisbane inspection on Friday saw 32 groups trying to get into the 38 sqm space within half an hour.
Mr Moore said interstate buyers and investors continued to drive demand across Queensland, with the share of loans going to investors in the state at an all-time high.
“To some extent, people from Sydney, who may have more wealth or more money behind them, can make it difficult for local people,” he said.
Queensland state houses jumped $97,100 over 12 months to $803,000, while units rose $100,300 to $782,000. Other centers also posted strong results, with Darling Downs-Maranoa up 17.6 per cent to $529,000, Toowoomba up 16.8 per cent to $771,000, and Cairns up 13.1 per cent to $638,000.
