Only 15% out of district house buyers this year for Townsville: HTW
Valuation firm Herron Todd White's latest report suggests that around 15% of all house and units sales within the Townsville property market during 2015 have been sold to out of town buyers.
Data indicates around 15% of houses were sold to out of town buyers at a median price of $375,000.
"These buyers have shown a preference for modern and semi modern low set masonry and block style homes or older renovated homes.
"These styles of homes are generally lower maintenance."
The research undertaken by Herron Todd White shows that out of town buyers accounted for 34% of all unit sales registered to date in 2015 at a median sale price of $325,000. Investors in this category seem to favour more modern units or semi modern units in desirable locations according to the November review.
Overall investor activity has been subdued throughout 2015, the report states.
"We have not seen any significant variations in activity since the recent changes around lending to investors transpired, however it would appear that investors are wiling to shop around to different lenders to get the best rates.
The report goes on to state that Townsville’s residential property market currently sits at the bottom of the market cycle with limited short term growth in returns or capital forecast. The rental vacancy rate remains above balanced market conditions.
"We consider current investors to be speculative and savvy investors who are in a position to hold property for the medium term until market conditions improve."
