The month in review: Townsville
By Herron Todd White
Townsville’s median house price has continued its declining trend over the past six months, with the median house price at $336,500 in June 2015, a reduction of 5.5% compared to the $356,200 median recorded in June 2014.
Over the past six months the most active sector has been the $300,000 to $400,000 price bracket with 37% of recorded sales falling within this price range. Of these sales, 53% were priced under $350,000 and 47% priced between $350,000 and $400,000.
Sales within this price range cover a number of suburbs with the middle class suburbs of Kirwan, Mount Louisa, Douglas and Annandale featuring strongly, along with the northern beaches suburb of Bushland Beach.
A wide variety of property is available within this range. A typical property at the $350,000 price point entry in the middle class suburbs of Kirwan and Annandale would be a low set dwelling with three plus bedrooms, two bathrooms, double garage and semi modern fitout on a larger traditional sized lots. Douglas and Mount Louisa offer more modern low set homes circa 2000 with four bedrooms, two bathrooms and double garage on smaller 500 square metre lots at around this price entry. At Bushland Beach, $350,000 would buy a modern generally circa 2005 low set 4-bedroom, 2-bathroom home with double garage on 600 plus square metre lot.
Overall our general impression is that affordability concerns continue to dominate the market with buyers not straying outside their comfort zones, and having lowered their aspirations, only buying properties they regard as affordable based on their current economic circumstances.