Market turnaround underway in Townsville: HTW

Market turnaround underway in Townsville: HTW
Market turnaround underway in Townsville: HTW

HTW is seeing new signs of a property market turnaround in Townsville following a year where its economy hit bottom and the property market travelled sideways at best, according to its February 2017 update.

The valuation firm says the residential property market has stabilised and confidence is now starting to improve.

However, it cautions that the market right now is fragile and remains positioned at the bottom of the cycle.

The firm predicts that throughout 2017 the residential market is likely to continue ticking over with purchases being made by intending owner occupiers, with some signs of activity re-emerging in the investor market.

“We are likely to see further stabilisation in transactions with the market poised to enter a recovery phase during 2017 as confidence increases,” the report says.

“The housing market has seen a stabilisation in volumes and median sale price and this is likely to continue throughout 2017.”

Townville’s unit market is predicted to remain stable for the first part of the year at least, reflecting ongoing buyer aversion, low levels of investor activity and a lack of new units being brought to market with supply of new developer units now at a seven year low.

The land market is tipped to slow with a lack of new home buyer confidence and the economics of new versus existing housing continuing to retard new home construction.

“The rental market remains in an over-supply situation with the latest survey indicating an overall trending vacancy rate of 5.6%,” HTW says.

“The year ahead will hopefully bring some relief to the rental market seeing the vacancy rate return to a more balanced situation.”

A four bedroom house at 2 Doyles Circuit, Kelso (above) has been listed for $270,000.

Similarly a two bedroom unit at 42/38 Morehead Street, South Townsville (below) has been listed for $285,000.

Market turnaround underway in Townsville: HTW

Tags: 
Townsville Htw

Comments

Be the first one to comment on this article
What would you like to say about this project?