The Townsville real estate market remains hot, with houses selling in less than a fortnight in the most popular suburbs.
The latest REA Market Trends data shows Vincent and Pallarenda claimed the title of fastest selling Townsville suburbs with houses being snapped up in 13 days on average in the both locations.
The median house price in Vincent was up 7.3 per cent in the last year to $300,500, according to the data, while the average cost of a home in Pallarenda shot up 15 per cent in the same time period to $615,000.
The top 15 suburbs all had a median days on market of 25 or less, with all the neighbourhoods in the mix recording price increases in the past 12 months.
Coming in at no. 3 was Rangewood, with a median days on market of 18 and a median house price of $600,000, up 5.3 per cent in the last 12 months.
Burdell was in fourth place with homes selling in 19 days on average and the median house price up 5.1 per cent to $430,000.
Rounding out the top five was Mount Low where houses were snapped up in 21 days on average with the median price up 2.4 per cent to $430,000.
Keyes and Co Property principal, Damien Keyes said days on market were short across most of Townsville.
“Stock levels have dropped dramatically in 2023 compared with 2022 and that is causing upwards pressure on sale prices and demand,” he said.
Mr Keyes said he wasn’t surprised by the suburbs with the fast selling times.
“Looking at Pallarenda, not many properties come on the market in general there so demand is always high,” he said.
“Vincent is in that lower price bracket.
“Townsville is being targeted by interstate investors and they’re looking at that lower entry price.
“Local buyers are having to compete in the lower price bracket with those investors from outside the area.”
Mr Keyes said houses in rural areas such as Rangewood were also in high demand, partly due to buyers wanting lifestyle blocks and partly due to the cost of building.
“Steep increases in construction costs really make those established homes attractive,” he said.
“You can’t reproduce them for the price they’re selling for.
“That will drive the established market for quite some time.”
Units weren’t as quick to offload as houses in Townsville with Cranbrook, the first suburb for units to make the list, coming in at no. 22 with a median days on market of 31.
The REA data showed the Townsville region’s median days on market for houses was 30 while the median sale price was $405,000, up 5.2 per cent in the past 12 months.
The median number of days on market for units was 61, with the median unit price falling 1.5 per cent to $266,000.
Article source: Queensland Property Investor
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