The month in review: Townsville
By Herron Todd White
Townsville’s prestige market is generally centralised around the inner city suburbs of Castle Hill, North Ward and Townsville City on the slopes of Castle Hill and Melton Terrace. These suburbs are within close proximity of the city centre and The Strand. Other localities such as Idalia, Annandale and Douglas also have some $1 million plus properties located along the Ross River as do the beachside suburbs in and around Townsville.
Typically the main attributes of these prestige properties are elevated ocean views, waterfront aspect, size of the dwelling and quality of fit-out. These properties depending on location are either modern newly constructed homes or older fully renovated homes. Townsville’s prestige property market is generally priced in the $1 million plus price bracket with around 34 sales of residential houses and units registered over the past two years. Of these approximately 70% were priced below $1.5 million.
The prestige market is relatively thinly traded with confidence closely aligned to the overall economic confidence and stability in local economy. Some examples of recent prestige sales include:
• Circa 2000, three storey contemporary home with a main living area of 487 square metres. Comprises 6-bedrooms, 4-bathrooms, gym, workshop, extensive outdoor areas and has extensive elevated ocean views. Sold in late 2014 for $2.55 million.
• Circa 2003, three storey contemporary home with a reported main living area of 423 square metres. Comprises 5-bedrooms, 3-bathrooms, tiered soundproof theatre room, lift, theatre, music room and unobstructed ocean views. Sold in mid 2014 for $2.05 million.
Overall, people with the money to buy this type of property recognise that it is a good time to buy and they are well positioned to buy quality property at a more affordable price level.