2024 Townsville Market Update | Damien Keyes

You could be forgiven for thinking that the boom was over in the first half of last year as interest rate rises started to take effect and slowed things up a little in 2023. However, from about August last year we saw a return to confidence amongst the buyers especially in the upper price brackets and when you add that to the continual push from interstate investors in the sub $600,000 bracket it laid the perfect platform for our real estate market in 2024.

From what we have seen in 2024 especially now as we approach the peak selling time of Spring through to Christmas/January, not only has the volume escalated but so too have the prices with some suburbs such as Annandale and Douglas reporting growth rates through the past 12 months of in excess of 25%! This has been repeated across several suburbs as the insatiable investment market can’t get enough of Townsville as a place to invest their funds with many southern markets such as Brisbane, Sydney and Melbourne showing diminishing returns due to the incredible surge in their median sale prices which now all nudge or hit around $1,000,000.

You can understand why Townsville is looking so attractive for investors as our median house price currently sits at around just $450,000 so with southern capitals like Brisbane sitting just under $1,000,000, we really do present as great value with your dollar going a lot further here than down south. With the arrival of the defence troops from early new year and all the other projects including the widening of the port that will bring a massive increase in cruise ships with international visitors to our town, there doesn’t appear to be any slowing down of these buoyant market conditions anytime soon.