Unit prices on the rise

first_imgReal Estate agent, Damien Keyes on The Strand, Townsville.TOWNSVILLE’S unit market is officially in recovery with prices jumping 7.7 per cent in the last financial year.The median unit price is now $280,000, up $20,000 according to the latest REIQ’s Queensland Market Monitor Report.According to the REIQ, Townsville’s unit market performance was exceptional, recording the second largest annual unit price growth of the markets analysed in the report.The rise has been attributed to a steady volume of annual unit sales coupled with a fall of listings volumes, however prices are yet to return to highs of five years ago when the median price was $310,000.In comparison median house prices have dropped 3.3 per cent from $335,000 to $324,000.REIQ Regional director and Keyes & Co Property principal Damien Keyes said units, especially those in the city or city fringe, were enjoying a revival in popularity.“We’ve had a few good results in the inner city with Dalgety apartments and both were owner occupiers who were empty nesters and wanted to make a move into the city,” he said.“Both two-bedorom and one-bedorom units are getting some action from buyers, particularly investors.“We’ve definitely seen the numbers pick up with units so there is no surprises there that prices have risen because it was depressed for so long.”In the 12 months until the end of June 2108 houses were sold in the Townsville region.Thuringowa Central was the best performer in the housing market with the median house price increasing 28 per cent to $320,000.That was followed by Idalia recording an increase of 21.3 per to $485,000 while in third place Rasmussen was up 19.9 per cent to $347,500 followed by North Ward up 15 per cent to $575,000.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020In the unit market West End was the best performer over the 12 months with the median price going up 49.3 per cent to $280,000 and North Ward increased by 32 per cent to $326,000.Mr Keyes said North Ward houses and units were performing well as it was an ideal place to live and stock there was selling quickly.“North Ward is so attractive to buyers and there is always stuff happening there whether it be at The Strand, Jezzine or Queens Gardens,” he said.“It’s risen quiet sharply and the stock is very tight in North Ward so when properties come on there they are well visited.“There has been a lot more buyer confidence this calendar year and it’s great to see some suburbs performing well and although broader price jumps could still be a long way off, the early signs (of price grwoth) are there.”Townsville’s market is also expected to benefit from State Government spending with $841 million committed to the North Queensland region including $120 million to continue the construction of the North Queensland Stadium, $63 million towards the expansion of the Port of Townsville and $26 million to redevelop the TAFE facilities.However, unemployment remains high at 9.1 per cent as of June 2018.REIQ chief executive Antonia Mercorella said despite the until market improving, Townsville’s property market was still struggling.“There were some areas where we were expecting to see better results such as Townsville,” she said.“The local economy continues to struggle and until employment figures improve it’s difficult to see how the housing market can deliver any meaningful growth.”last_img read more