Townsville market poised for a swing around
Townsville's progress towards regaining its favorable position in the property market, which has fallen in the past couple of years, is making steady strides.
Hotspotting.com founder in real estate expert, Terry Ryder, has predicted that Townsville is due for a steady rise in the property market and has marked it as one of the top ten regions for growth in Australia.
In the last few years due to the downturn in the resources sector and the closing of the nickel refinery, Townsville has seen a dramatic slowdown in what is usually a strong local economy and property market.
Although Townsville is still very much in the 'recovery phase', we still see signs that indicate we would not be wrong to expect further improvements in the coming months and year.
The rental market in Townsville has also shown significant changes as vacancy rates have fallen to a point not seen since December 2014, with vacancy rates spiking in September 2016 to 7.1%.
No one can expect a dramatic turnaround overnight but signs such as these are always welcome. Part of the problem identified by local Townsville real estate agents and investors is that during the period of spiked vacancy rates and unemployment, many people left Townsville, exasperating the problem.
In recent months with prices being lower than cities such as Sydney and Melbourne, there has been a strong interest in investment opportunities in the North, signaling renewed confidence in the market following shortly after.
This is also seen in the rental market with rental properties being in strong demand throughout July 2017, with fewer than 1,500 properties listed at that time.
Despite these improvements Townsville's rental market is still classified as 'weak' by REIQ, however they also noted that the strong investment in Townsville's jobs sector and infrastructure will gain heavy traction and possibly lead to further improvements.