Townsville commercial property market continues consistent upward trend: HTW

Townsville commercial property market continues consistent upward trend.

The remainder of 2018 is likely to remain status quo in the Townsville commercial property market with overall confidence and market sentiment positive, according to the latest report from Heron Todd White.

The inner city remain buoyant with inner-city projects including the Townsville Stadium and proposed waterfront precinct being "positive factors".

The valuers at HTW stated that "the present market is highly suburb selective, with reasonable turnover levels in the sought after mid to inner suburbs, but patchy sales in other areas and suburbs with perceived social issues."

During 2018, the trending rental vacancy rate has remained in a "balanced market range" with the overall trend vacancy rate at just over 3%.

This is significantly lower than the prevailing trend in vacancy rate for the similar period of 2017 at 5.52%.

The unit market is currently steady, albeit at low volumes, with some resistance still being experienced due to the holding costs associated with unit ownership including body corporate fees and high insurance costs.

The report forecasts that the remainder of 2018 will remain similar to what we has been seen to date, with any changes to demand or sentiment heavily reliant on factors such as unemployment, job security and population growth.