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Reasons for optimism

first_imgKeyes & Co principal Damien Keyes says the Townsville property market will improve.PROPERTY prices in Townsville are continuing to drop despite an increase in confidence according to latest Queensland Market Monitor report. The report, compiled by the Real Estate Institute of Queensland, examined property data from the September quarter.For the September quarter Townsville median house prices fell 1.5 per cent to $330,000 while the quarterly median unit sale price fell 15.5 per cent to $236,000.However days on market reduced from 70 in August 2016 to 64 days in August this year.In the same period vendor discounting in the house market fell from 8.6 per cent to 7.8 per cent and the most active price bracket was for house sales below $350,000.REIQ regional director and Keyes & Co Property owner Damien Keyes said there were positive indicators. “Volume has lifted for this quarter so it feels like a good platform is being built for the early part of next year,” he said.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“External investors are picking off these cheaper properties so I think 2018 will be a case of really watching the sales volumes because that will be the first indicator of prices increasing.“Agents are saying October and November were really strong and I don’t think you’ll see huge price jumps but you’ll see an overall increase in confidence in Townsville’s property market.”In more positive news for Townsville rental vacancy rates have fallen to 4.3 per cent, down from 7.1 per cent in September 2016.Rent prices have also remained steady at $285 a week for three-bedroom houses, $240 a week for two-bedroom units and $300 a week for three-bedroom townhouses.The report flagged the Port of Townsville’s proposed $1.64 billion expansion, the stadium project, Haughton Pipeline duplication, airport redevelopment and Townsville being the FIFO hub for Adani as economic growth drivers. The report stated that the Townsville property market was expected to improve in 2018.“The regional economic outlook looks promising as a number of large projects … commence injecting investment to the region and creating job opportunities,” the report stated.“Considering the strong infrastructure program, the REIQ remains positive about the future of the Townsville housing market. However, the house and unit sale markets are still classed as falling as there is not yet evidence that demand is improving to achieve price stabilisation.”last_img read more