Townsville holds crown as national market leader

This waterview property is one of the most expensive homes on the market in Townsville

Townsville has maintained its hold as Australia’s standout property market, with home prices up an impressive 15.67 per cent to hit a median of $570,000 across all dwellings.

PropTrack’s latest Home Price Index, out today, shows the Northern Queensland hub’s blistering pace put it ahead of all other SA4 regions, with the Western Australia’s Wheat Belt the closest contender at 14.41 per cent annual growth.

Townsville leads a strong contingent of regional Queensland markets, which collectively recorded growth of 10.19 per cent, or $78,400, in the twelve months to September.

Other top-performing SA4 regions in the state included Toowoomba (13.92pc), Central Queensland (13.78pc), Darling Downs-Maranoa (13.38pc), and Mackay-Isaac-Whitsunday (13.19pc).

Ray White Townsville auctioneer Giovanni Spinella

Ray White Townsville principal Giovanni Spinella said listings had spiked last month, meeting heated demand from both upgraders and dowsizers as well as first-home buyers.

Affordability and a robust jobs market were among key factors underpinning the property market, he said.

“Sellers are taking the opportunity to maximise returns on their assets, cashing out of properties they bought maybe five or six years ago, many in the very unusual position of using $300,000 equity in a short amount of time to recapitalise into another property for a much lower debt ratio,” Mr Spinella said.

“Historically, spring has been a very positive time for the Townsville market, and with our office recording one of its strongest September results of the past few years, we are looking

Residential construction has fallen short of demand in Townsville. Picture: Zak Simmonds.

forward to a stellar end of the year.”

REA Group senior economist Eleanor Creagh said price growth was expected to continue, as all mainstream economists tipped the Reserve Bank of Australia (RBA) would hold interest rates steady at 3.6 per cent at its September meeting yesterday.

“For households, earlier rate cuts this year have lowered mortgage repayments and boosted borrowing capacities and confidence,” Ms Creagh said.

“This has helped to drive a synchronised housing market upswing, with demand building into the spring selling season.

“While affordability pressures remain, this year’s series of interest rate cuts, improved sentiment, and the October expansion of the Home Guarantee Scheme, and expected to keep upward pressure on home prices in the months ahead.”

REA Group senior economist Eleanor Creagh

MORE NEWS

Aus property surge to hit double digits

Home reno jobs you should be doing yourself

Revealed: Top 37 suburbs for First Home scheme

Brisbane’s property sector also showed its strength, with prices in the capital up $93,700 since last year, outpacing national trends to record an average annual increase of 10.23 per cent for houses and units combined.

The hefty rise was the largest annual dollar increase of all capital cities, and close to double the national average increase of $54,100 or 6.24 per cent over the same period, highlighting the River City’s continued climb despite markets cooling most recently.

Brisbane values recorded monthly growth of 0.46 per cent in September, topping up a whopping 92.47 per cent increase over the last five years. The city’s median value for houses and units combined hit $952,000.

The post Townsville holds crown as national market leader appeared first on realestate.com.au.