Townsville property market expected to see higher level of confidence: HTW residential
The second half of 2019 saw increased levels of activity in the residential property market, according to a recent Herron Todd White (HTW) residential report.
"2020 is likely to be the litmus test to determine whether we are genuinely into better times or merely experiencing a bubble of post flood activity," the valuation firm said.
The report suggests Townsville has a strong pipeline of projects proposed for 2020 including a number of developments around the North Queensland Stadium which is nearing completion (to be named Queensland Country Bank Stadium) including the Cowboys Centre of Excellence, a 166-room Double Tree by Hilton Hotels and pedestrian walkway linkages from the city centre and central precinct to the stadium.
The $71 million Marine Tourism Precinct which will include a four-star hotel, new SeaLink ferry terminal, car parking, new ferry berths and two new high speed ferries is another development proposed for 2020.
Some other projects include the currently underway Flinders Lane retail development along with a number of proposed mixed use residential and food and drink developments in the inner city and Strand precincts.
"The inner city 4810 postcode had a good level of activity in 2019 and this is likely to continue in 2020," the valuation firm said.
Suburbs within a five-kilometre radius of the city centre could see increased interest as inner City projects improve the amenity of the area.
"After an absence of sales in flood affected suburbs during 2019, we are likely to see these suburbs coming back to the market, providing a better understanding of the impact on value levels following this event," the valuation firm stated.
"The balance of the Townsville market will likely remain status quo whilst people monitor unemployment and job security factors.
"Overall, the outlook for the residential market in 2020 is positive with higher levels of market confidence and improving economic conditions."
A fully furnished one bedroom apartment in the heart of Townsville City has been sold for $180,000.
The 65sqm apartment at 1/2-4 Kingsway Place (pictured below) comes with modern kitchen, carpeted living areas and patio overlooking the complex facilities.
The apartment is located in the central riverfront development.
A current listing is a two bedroom self contained apartment in Townsville priced at $297,500.
The apartment at 48/4 Kingsway Place (pictured below) comprises two bedrooms, open plan living, private balcony and undercover car parking.
Other features include air conditioning, outdoor pool and BBQ facilities.
