Homebuyers still the big winners in Townsville property market

first_imgHomebuyers continue to be the big winners in Townsville’s property market as the city records a 43.2 per cent loss of all resales in the last quarter.HOMEBUYERS continue to be the big winners in Townsville’s property market as the city records a 43.2 per cent loss of all resales in the last quarter.Across Australia, resales at a loss totalled $439 million with regional houses accounting for 11.1 and units 17.2. The figures form part of Core Logic’s quarterly Pain and Gain report, released this week.Senior research analyst Cameron Kusher said Townsville’s per cent of resales at a loss had risen in the past year.“The Townsville economy continues to struggle on the back of a weak mining sector,” Mr Kusher said.“Maybe there are some signs that things are starting to improve there with some of the commodity prices coming back up, but it’s difficult to see how that will relate to more investment and ultimately a better housing market.“There are other factors at play up there. There is the new stadium being built; if there can be a few more projects like that, it might help to turn the market around.”Median house and unit prices also continued to drop over the past 12 months.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 2020According to Core Logic’s Property Pulse Report released this week, house prices dropped by 2.6 per cent to $320,228 and units were down 4.2 per cent to a median sale price of $246,511.McGrath Estate Agents principal Brad Matheson said the second quarter of the year had been a more sombre experience for agents and sellers after a busy and successful first quarter.“I’m not sure why, but things certainly slowed down again in this second quarter,” Mr Matheson said.“But that said, the market is still going steady.“We’re still making some good sales and there’s still strong interest from buyers and investors.”Real Estate Institute of Queensland zone chair Damien Keyes said Core Logic’s figures came as no surprise.“I agree with the percentage but at the same time I’m not overly concerned as Townsville has been doing it tough for a long time yet continues to power ahead,” he said.“We’ve actually had a good second quarter and started a hot buyers list — those are people who are ready to buy, ready to sign contracts once the right home becomes available.“While houses may be selling at a loss, the key thing is they are selling and I do believe there are busier months ahead as people get ready to move and transfer to Townsville at the end of the year.”last_img

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