Townsville Bulletin Real Estate 12 September, 2019
TOWNSVILLE has been named as a regional hotspot for Queensland real estate in the September Hotspotting report by Ryder Property Research.
Real estate researcher and founder of Hotspotting.com.au Terry Ryder said the city was poised to bloom with an array of major infrastructure projects expected to provide an economic boost to the region.“Townsville is enjoying a sense of optimism as the economy improves and the impact of past difficulties (including the February 2019 floods) fades,” Mr Ryder said.
“Over 20 big projects costing $11 billion are under way or expected to start work in 2019. “Unemployment is at its lowest point for four years while the housing market is starting to see rents and prices rise.”REIQ regional director Damien Keyes said with the next few months being a typical period for relocation in Townsville he was expecting to see a bustle of activity in the market.“I think the floods have distorted what we would normally see in the market and all the indicators including local government spending will definitely provide a job and economic injection to Townsville over the next few years,” Mr Keyes said.“September through to January next year will be a very interesting period in particular and I think we will see the first influx of people coming to Townsville post floods.“It’s a typical time for people coming to the region with defence and hospital placements and I think with Townsville being such an affordable market at the moment those people are going to be buying up.”
Mr Ryder said the floods interrupted the upward trajectory Townsville’s property market was on at the tail end of 2018 and that he expected it was now back on track.
“After a few years in the doldrums, caused largely by the downturn in the resources sector, Townsville was showing clear signs of recovering when the floods hit in early 2019,” Mr Ryder said.
“Townsville’s comeback will be boosted by major projects across numerous industries.
“There are large mine developments, including Adani’s Carmichael coal mine, which will be headquartered in Townsville; a $250 million sports stadium; a $1.9 billion CBD makeover; a $1.9 billion educational hub being driven by James Cook University; and $6.5 billion to be spent on residential developments.”
Other cities named in the Top 5 Queensland Regional Hotspots 2019 report were Mackay, Sunshine Coast, Rockhampton and Toowoomba.