A MESSAGE FROM BRAD MATHESON
The Townsville real estate market has had a complete turnaround from where we were 3 to 5 years ago. The economy is again very strong, and it feels even more positive than the boom we had back in 2005 to 2008 when a lot of property doubled in price.
Since commencing in real estate in 1989, after a Townsville boom in the mid 80’s, I have witnessed
several changing markets. In the early 90’s the market was then affected by Australia falling into a recession, the “recession we had to have” and interest rates hit 17%. Then Townsville bounced back strongly in the mid 2000’s with the mining boom driving our economy, providing jobs and investment, and homes were sometimes doubling and tripling in a 3–4-year period. This was an interesting period because interest rates were
rising but in Townsville there was so much confidence and jobs that property prices rose at the same time.
In 2009 we then had to adjust after the Global Financial Crisis and banks tightened up lending, property prices trended downwards, and unemployment rose hitting 10-11%. In 2010 the government stimulated the market with incentives and payments.
The rental market is averaging just .6% vacancy and with rental prices back to where they were 10 years ago. Our unemployment rate is at an all-time low at just 3% and with job opportunities and the North Queensland lifestyle attracting people to our city it’s no wonder our market is performing strongly.
With 6,230 residential sales in Townsville over the past 12 months it is now a $2.4 billion market and we’ve seen sales of up to $6m and $4.3m this year.
Values have grown across nearly all suburbs, but our real estate is still very affordable averaging $400,000 across all suburbs and property types, and with a very strong rental market investors are seeing Townsville as great value. Out of town buyers are choosing Townsville for a holiday home or winter getaway and purchasing an apartment or house to come and stay during the year and rent out when not using it has become very popular.
With the affordability challenges the capital cities have Townsville is one of the lifestyle regions that have benefited.
So, we have seen plenty of changing markets but also a lot of change in how properties transact and how buyers and tenants secure their next home. It’s been exciting to help people and to adapt to today’s consumer expectations over the last 5 years. Technology and digital marketing are helping people secure homes sight unseen and I love that we have been able to make it easier for people to find their next home through the systems and processes we have had the opportunity to implement over the last 2 years.
The team, at McGrath Townsville had the privilege of helping over 1800 families find a new home or rental in the past 12 months and we are very excited about serving our community throughout 2023.
Yours Sincerely,
BRAD MATHESON 0418 777 670 bradmatheson@mcgrath.com.au
1 EDEN STREET, BELGIAN GARDENS - SOLD $1,050,000
THE STRAND, NORTH WARD
