The Townsville real estate market is an exciting place to keep an eye on. In the past few years, we’ve seen a surge in prices and an influx of buyers eager to get onto the property ladder. But what does 2023 hold for this vibrant market? We’re here to break down the latest developments and projections so you can plan your real estate strategy for the year ahead.
Facts and figures about the property market in Townsville
First off, let’s look at the facts and figures. The median house price in Townsville is currently $430,000, up 21.2% over the last 12 months. Similarly, the median unit/apartment price is set at $310,000, which has seen modest growth of 1.6%. With such healthy growth, it looks like the Townsville real estate market will only continue to rise in value.
Property investors will also be pleased to know that the average weekly rent for a house in Townsville is currently $425 per week, an encouraging rise of 9.0%. Apartment/unit rentals, on the other hand, have seen no growth since the start of 2022 and currently sit at $380 per week.
How do 2023 property prices in Townsville fit with national trends?
To better understand how Townsville stands in the national real estate market, we can compare it to other regions around the country. The median house price in Australia’s combined capital cities is $849,666, compared to Townsville’s $430,000. In terms of median unit/apartment prices, the national average sits at $608,121, while Townsville’s is a much more affordable $310,000.
Looking at regional areas, Townsville’s median house price is still lower than the $574,835 national average. Given its relatively low cost of living and its substantial real estate market, Townsville is an attractive destination for homebuyers and investors alike.
What other factors will influence Townsville house prices in 2023?
When looking at the real estate market in Townsville, it’s also important to consider other factors like population shifts and post-Covid behaviour. The last few years have seen an influx of people moving to Townsville due to its lower cost of living compared to capital cities and its laidback, coastal lifestyle. This increased demand has pushed prices up significantly over the past couple of years.
As for post-Covid behaviour, we’re seeing more people opting to rent instead of buy due to unstable job markets and the fact that many are still uncertain of their financial futures. This means that rental yields in Townsville could be a great investment opportunity for those looking to take advantage of the current market.
Get in touch
Townsville’s real estate market looks set to continue its strong performance in 2023 and beyond. With healthy growth over the past few years, affordable prices and a booming population, Townsville is an attractive destination for homebuyers and investors. Keep an eye on the market, and be sure to act quickly when you see a good opportunity.
Chat with the Harcourts Kingsberry team to learn more about investing in Townsville’s real estate market. We’re here to help you make the best decisions for your future.