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Townsville Rental Property In Focus.
TOWNSVILLE IN FOCUS – May 2012
Past residential property cycles demonstrate factors which contribute to the stimulus of the market including, falling vacancy rates, rising rents, population growth and low interest rates. These property triggers appear to be returning throughout 2012.
- Vacancy rates are currently trending at 1.6% down from a high of over 4% at the end of 2009.
- Rental rates continue to rise, increasing $10 to $15 per week over the March 2012 quarter.
- RBA interest rates of 3.5% are at their lowest level since November 2009.
- Townsville’s median house price has dipped slightly from $378,000 in December 2009 to $360,000 at March 2012.
- Sales volumes, although currently 35% less then the volumes experienced in 2007 are on an upward trend.
These catalysts combined with an unprecedented 11 point rise in Business Confidence in the latest quarter should (all things remaining equal) start feeding through to improved confidence in the Townsville economy and market generally, and potentially a more robust and active property and construction sector.
We have recently expanded our Townsville in Focus report to include some of the western and regional centres of North Queensland on a rotational basis including Mount Isa, Burdekin, Charters Towers and Ingham.
Released quarterly, Townsville in Focus provides an overview of commerce and the changing elements affecting the different property sectors in the region. Should any of the material arouse questions, please do not hesitate to contact our office on 07 4724 2000, email firstname.lastname@example.org or visit our website at www.htw.com.au