Judging where to buy an investment property in Townsville is not a simple task. This is because there are several factors that need to be taken into account when considering purchasing a property specifically as an investment.
Factors like predicted population growth and the expected performance of the local economy are good indicators, but you also have to consider how other rival locations are performing too.
Townsville is already the largest urban centre in Australia’s northeast, but is it a city on the up? Let’s take a look.
A bright future
For many years, Townsville was the quintessential mining city. It had grown on the back of huge expansion in Australia’s mining heartland, with the construction of major port facilities bringing thousands of new jobs to the area, but it also suffered when the industry’s fortunes waned.
Now, however, the prospect of remote working becoming a permanent fixture for many businesses has brought more stable prosperity to Townsville, as urban families and couples leave overcrowded cities for a slower-paced lifestyle.
As rent and property prices continue to rise in Australia’s major cities, and workers are given more flexibility to work from home, it’s likely that this trend will continue.
The investment boom
Another clue as to the future of Townsville is infrastructure spending. Local governments commit to spending years in advance, so if you notice investment in roads, schools and hospitals in a specific area, it’s likely that the area will benefit from this.
Townsville and the rest of North Queensland are currently in the middle of an investment boom, with more than $7bn committed to infrastructure investment over the next few years.
Other local improvements include spending on the Port of Townsville and James Cook University, indicating that job growth and house building will likely be on the rise.
That confidence is starting to trickle down to property buyers, and some suburbs of the city have reported price jumps of as much as 30% in the last year.
Natural resources
So there’s evidence of increasing demand and signs of growth, but is this just a bubble?
Plenty of locations experience booms when price differences from the major cities bring in an influx of newcomers, and also busts when locals head to bigger cities for more opportunities.
However, thanks to the great opportunities and lifestyle quality living in Queensland, many Townsville natives are now opting to stay put.
Permanent features like the Great Barrier Reef Marine Park, The Strand, and the Billabong Sanctuary are magnets for young families looking for space and adventure away from the big cities.
Combined with the growing local economy and better opportunities, many people are opting to stay put and buy locally.
Choose the local experts
Are you looking to start investing in Townsville real estate? We are highly experienced and knowledgeable of the real estate market in the local area, so we can help you find the right property for your needs. Get in touch today to start search with us now.