Updated September 2024 for 2024 – 2025 Financial Year.
Written by: Our Experts
After a tough few years with the Townsville Property market (where we saw a drop in property prices and a lot of uncertainty to 2023), we can safely say that as we edge into 2025, the local market is on the up again!
According to Propertyology research, Townsville’s capital growth rate has the potential to be the best in Australia for the next few years. Properties that were purchased five years ago for the low price of $350,000 are now worth over $600,000 (70% growth), making it a great time to sell and upgrade. With this growth expected to continue, it’s also a great time to buy – get on top of the market before it becomes unachievable.
What’s there to know about the Townsville property market?
Townsville’s property market is resilient. While the rest of the country navigates a range of economic challenges, Townsville seems to have steadied itself – and not only that, it’s surging! Demand is increasing, and the housing market has renewed confidence, which is leading to that increase in property values we mentioned.
According to further data, the average cost of a new build and land in Townsville is $620,000, while the median price of an existing home is $420,000.
And when it comes to the rental market, both unit and house rents increased by 10% in each of the past two years. In the first quarter of 2024, the rental market actually sat at just 1% vacancy.
What do we need to know about buying in Townsville?
Sales in 2024 have been slow for houses in Townsville due to limited supply, however units have sold for between $241,000 and $500,000 on average, with between 116 and 154 days on the market on average.
There is continued demand for property as well, despite the low supply.
Townsville (and North Queensland) is presenting itself as part of a positive property cycle. Over $7 billion has been committed to spending more in infrastructure to support the diverse and growing economy in the area.
This has become somewhat of an aspirational destination, with an impressive number of neighbourhoods opened up to the beautiful breezes and the beachfront promenades. This is a market that has exceeded expectations.
Investors are flocking towards this market with many electing to sell up and rent while they figure out the next step in their journey. Landlords are selling up which is pumping up the market but there is still some certainty for lots of long-term tenants (there’s a low vacancy rate so if you’re renting, you’re going to be up against a lot of competition). This market tendency puts a lot of FIFO or transient families in a sticky situation as well so we are seeing many of them buy up instead of rent out.
Interstate buyers are coming to call as they compare their inflated house prices in the big smoke with far lesser ones (for far more value and bang for the buck) in Townsville. It’s a simplification of a lifestyle (as mentioned above) and there’s no sacrifice on standard of living when it comes to buying up out here.
Who is living in Townsville?
At the 2021 census, there were 179,011 people living in Townsville City, with the median age being 37. This is indicative of a large number of families and working professionals in the region – pushing up the demand for a larger cultural and family-friendly scene. A higher proportionate number of the population are university graduates – shaping the face of Townsville to come. ‘
What attracts people to Townsville?
Despite the awesome name? Lots!
Townsville offers a plethora of opportunities to involve oneself in an outdoors adventure. This area of the world truly is nature’s playground.
The Billabong Sanctuary is an 11-hectare wildlife sanctuary in Nome, 17 kilometres south of Townsville, North Queensland, Australia. Called Australia’s best wildlife sanctuary by many visitors, this is an incredible resource for families and those looking to appreciate natural wonders.
The Reef Headquarters Aquarium is the largest living coral reef aquarium and it’s found right in Townsville. The aquarium was built as a Bicentennial Commemorative project and is a part of the Great Barrier Reef Marine Park Authority. The aquarium features over 100 types of coral, fish, sea urchins and other marine life.
The Strand, in Townsville’s centre, offers a beautiful opportunity for visitors to stroll and reflect upon the true beauty of the region. In the suburb of North Ward, there are views towards the Port of Townsville, Magnetic Island and Cape Cleveland. There is a jetty, a recreational park for children, restaurants, cafes and a pool for swimming. There is also plenty of room to spread out a picnic blanket and relax.
What employment opportunities are available in Townsville?
Townsville has seen a 21.5% increase in jobs over the last 5-years, compared to the national average of 11.8%.
According to the ABS, in February 2024, there were around 130,500 people employed in the Townsville Employment Region. The largest industries for employment were Health Care and Social Assistance, Public Administration and Safety, Construction, Retail Trade, and Education and Training. Together these five industries accounted for 56% of employment in the region.
Over the year to February 2024, employment in Health Care and Social Assistance rose by 1.3%, Public Administration and Safety rose by 6.2%, and employment in Construction fell by 3.5%.
What industries call Townsville home?
Townsville is the largest city in Northern Australia and is the gateway to mining and agricultural regions. It’s perfectly positioned as Australia’s gateway to Asia.
According to demographer Bernard Salt, ‘no city of comparable size has quite the connection into the future prosperity of the Australian nation as does Townsville’. Townsville offers ‘stability, urban concentration and prosperity’ along with ‘a unique mix of employment drivers’ and ‘the highest average disposable household income among Australia’s 20 largest urban centres outside of a State or Territory capital’. Pretty impressive!
Industries that call Townsville home include:
- Port Operations
- Defence Force
- Education and Tropical Science
- Services Supply – Minerals Processing, Mining and Agricultre
- Tourism and Major Events
- Retail
- Sustainable Technology
- Government and Professional Services
- Aviation Industry
- Digital Economy
- Creative Industries
