Townsville home prices surged by about $80k in the past year.
Townsville property prices surged by more than the average Queensland wage in the past 12 months, rising about $80k to $605,000, while remaining the state’s most affordable major city.
Townsville’s 15.6 per cent surge secured a top-five Queensland result, while Greater Brisbane and Gold Coast house prices both rose about $149,000 in the past year, according to the latest PropTrack Home Price Index released Monday.
A two-bedroom unit at 5/31 Blackwood Street Townsville City, was among units that sold in January – this one for an undisclosed sum, though it was listed at offers over $449k.
Despite a slight dip in January, PropTrack economist Angus Moore said Townsville’s underlying momentum remained strong.
“Townsville prices are actually down a little bit in January, though it is a bit of a smaller market, and the usual caveats on January apply,” Mr Moore said.
“I wouldn’t necessarily read too much into that. If we look across the last three months, it’s actually up 2 per cent, which is really quite strong.”
Townsville’s $605,000 median compares favourably to Greater Brisbane’s $1.023 million and the Gold Coast’s $1.15 million, which has become Australia’s second most expensive property market, surpassing every state and territory capital except Sydney.
Mr Moore said Queensland had undergone a dramatic affordability shift.
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PropTrack economist Angus Moore.
“Brisbane has become a lot less affordable than it used to be. Queensland is now the third least affordable state in Australia, coming from being one of the most affordable states coming into the pandemic,” he said.
“That really just reflects the fact that prices have doubled since the start of 2020.”
Greater Brisbane dwelling prices have surged 95.7 per cent in five years, with regional Queensland up 88 per cent.
Ipswich and Logan have emerged as Australia’s strongest property markets outside Western Australia, with Ipswich leading the east coast with 17.8 per cent annual growth to $860,000, while Logan-Beaudesert recorded 17.3 per cent growth to $897,000.
Place Estate Agents Alex Rutherford said market conditions were at fever pitch in Queensland.
“It’s ridiculous,” she said. “It’s out of control. Once we list a property online, we get email enquiries in the first 30 seconds … Depending on the price point, it can get a bit desperate. The fear of missing out is very significant.”
Alex Rutherford of Place Estate Agents.
She said one-bedroom units are the hottest ticket items now, seeing a groundswell from the federal 5 per cent deposit scheme for properties under $1 million – with one Brisbane inspection on Friday seeing 32 groups trying to squeeze through a 38 sqm space within half an hour.
Mr Moore said interstate buyers and investors continue to drive demand across Queensland, with the share of loans going to investors in the state at near record highs.
“To some extent, people coming from Sydney, potentially with more wealth or more income behind them, can make it harder for locals,” he said.
Regional Queensland houses jumped $97,100 in 12 months to $803,000, while units surged even higher up $100,300 to $782,000. Other centres also posted strong results, with Darling Downs-Maranoa up 17.6 per cent to $529,000, Toowoomba up 16.8 per cent to $771,000, and Cairns up 13.1 per cent to $638,000.
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