Real estate experts are predicting a further increase in property prices in Townsville, a city located in the northeastern region of Queensland, Australia. According to realestate.com.au, the leading online real estate platform in Australia, the median house price in Townsville has increased by 5.6% over the past year, and is expected to continue to rise in the coming months.
There are several factors contributing to the growth of the property market in Townsville. Firstly, the city is experiencing a surge in population, with more people moving to the area for work and lifestyle reasons. This has led to an increase in demand for housing, particularly in desirable suburbs such as North Ward, Belgian Gardens, and Castle Hill.
Secondly, Townsville is benefiting from significant infrastructure investment, including the $250 million North Queensland Stadium, which is due to open in 2020. This new stadium is expected to attract more visitors to the city, which will have a positive impact on the local economy and property market.
Thirdly, Townsville is home to several major industries, including mining, defence, and healthcare. These industries are providing stable employment opportunities and attracting skilled workers to the area, which is driving demand for housing.
Real estate experts are also predicting that the rental market in Townsville will continue to grow, with rental yields currently sitting at around 5%. This is good news for investors who are looking for a stable return on their investment.
However, it is important to note that while the property market in Townsville is showing signs of growth, it is still relatively affordable compared to other major cities in Australia. The median house price in Townsville is currently $335,000, compared to $1.1 million in Sydney and $870,000 in Melbourne.
Overall, the outlook for the property market in Townsville is positive. With a growing population, significant infrastructure investment, and a strong local economy, the city is well-positioned for continued growth in the coming years. For those looking to invest in property, Townsville offers a range of opportunities, from affordable entry-level homes to high-end luxury properties.
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- Source: Plato Data Intelligence.