Townsville market undergoes substantial demographic changes: Herron Todd White

Townsville’s demographic composition by age structure changed significantly over the ten years from 2008 to 2018, according to the latest report from the valuation firm Herron. Todd White.

“The proportion of persons in the population aged 55 and over has progressively increased from 18.9 percent to 23.9 percent due to the combined impacts of baby boomers entering these age ranges, population ageing and older people remaining affiliated with Townsville rather than moving elsewhere,” the March report found.

Meanwhile the proportion of the population aged either 10 to 19 or 35 to 44 has diminished from 29.8 percent to 26.3 percent, suggestive of families with high school or university age children having lesser attachment to the region.

“Trends in the age composition of the population will not only have economic implications for Townsville and its future labour supply, but also impact on future housing styles and choices in the Townsville property market,” the report continued.

“We have started seeing a move by downsizers towards inner city unit living, particularly within the suburb of North Ward.”

This style of housing provides low maintenance options for retirees whilst being in close proximity to lifestyle amenities such as The Strand, cafes and entertainment.

“First home buyers are currently preferencing new home construction or packages, whilst we are also seeing movement from buyers currently residing in the outer suburbs to suburbs within closer proximity to the city centre,” the report concluded.