For a variety of reasons, the Townsville market has been subdued over the last few years. But, the current flat market should not be the smokescreen which prevents people from seeing Townsville’s rock-solid fundamentals. The property market of Australia’s thirteenth largest city features amongst the Top 40% out of all of Australia’s 550 local government authorities over the last fifteen years.

Population growth rate, median household age, and median household income for Townsville are all well and truly and the right side of national averages. Exceptional infrastructure, an economic and geographic profile which is destined to benefit from the Asian Century phenomena, and a median house price which is a mere 60% of the capital city average round of these great fundamentals.

Townsville’s economy is actually more diverse than a number of capital cities. Australia’s unofficial military capital has a large employee base in education, health, and science. The quality port infrastructure is further expanding and is the back bone to support the Region’s vast range of agriculture and mining products. Tourism is also part of the economy.

Townsville is an exceptionally resilient community whom have used their strong work ethic and positive spirit to overcome far bigger challenges than a business closure such as Clive Palmer’s Queensland Nickel. There are several significant job-creating projects which are about kick off and even more in the big-picture scheme of things.

Projects and announcements:

• Waterfront Development Scheme to entice private investment of up to $1.9 billion on waterfront restaurants, retail, apartments, bars, and walkways to connect Ross Creek with The Strand.
• A proposed $1.5 billion expansion of the existing James Cook University.
• $50 million upgrade of the terminal at Townsville airport.
• $55 million expansion of Port of Townsville’s berth 4 which will effectively double the port’s container capacity. This is on top of the new $85 million berth which opened in May 2015.
• Memorandum of Understanding signed between Port of Townsville and China’s Port of Qinzhou for export of commodities such as sugar, copper, zinc and lead.
• $30 million refurbishment of the existing Jupiters hotel and casino.
• Development of a new sporting stadium for the North Queensland (NRL) Cowboys and other events is currently out to tender.

The property over-supply from a few years ago has since been absorbed and property market confidence is returning. This is evident by the 9.2% increase in property sales volumes for the last quarter when compared to the previous year.

While Propertyology doesn’t expect Townsville’s property market to break any records over the next twelve months, we’ve always liked fundamentals such as its exceptionally diverse economy, port infrastructure, above-average population growth, and its demographic profile.

See also:

Regional building approvals rise for three months running

Townsville's best address

Median house price up in Brisbane, in a quarter of surprises