The cream rises as the saying goes and this is exactly what we’re seeing in the Townsville property market heading halfway through the first quarter of 2021. The market is exceeding expectations according to the latest Herron Todd White Monthly In Review Report:

‘It is fair to say that 2020 in the Townsville residential property market has astounded us…’

Investors are making the most of the strength of the market, choosing to sell the family home and park themselves (and their capital gains) in a rental until they know what the next move is. Additionally, landlords are seeing this as a good time to cash out, which is bringing stock on the market, but it’s also bringing uncertainty for tenants. With rental vacancy rates are under 1% this is putting pressure on tenants who are now seeking to buy in demographics that have traditionally rented. Transient families from Defence to medical professionals and university students are all finding it hard to get good quality rental properties, so are buying houses instead. They also see it for the good investment it is and have confidence in the Townsville market.

Interest from Interstate buyers is continuing to surge as the risk of further lockdowns continue to disrupt business and lifestyle. As a sought-after region with an attractive median house price of $330k-340k, that is attractive to people in capital cities where prices are a lot higher. People are looking to simplify their lifestyle and Townsville being blessed with its size, is just big enough to have a very high standard of living and services without any compromise to their lifestyle.

Propertyology put it like this…

‘Big segments of society are reviewing their own priorities…They are choosing space over congestion, fresh air over fumes and fun ahead of fear’

What does this mean for the local buyers and sellers?

We are now regularly seeing multiple offers on the same property which is happening 6-8 times out of every 10 properties. We have an unprecedented amount of accurate sales data on more suburbs than ever before in multiple price brackets. Giving sellers and buyers, a more precise guide to pricing and most importantly the confidence to back their decision and move forward to either buy or sell.

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