Townsville’s property comeback

first_imgReal estate expert and founder Terry RyderTOWNSVILLE  has been named as a “comeback market” with six suburbs classified as having rising markets, according to national property analyst Terry Ryder.Mr Ryder has released the spring edition of thePrice Predictor Indexwhich credits major projects such as the Adani headquarters with spurring on Townsville’s revival. Mr Ryder named Townsville as one of the national top 10 growth stars while Annandale, Bushland Beach, Kelso, Mount Louisa, Rasmussen and Kirwan were identified as suburbs with rising markets.No Townsville suburbs made it into the national top 50 supercharged suburbs. Mr Ryder said Townsville’s economic prospects were improving which would eventually lead to price growth.He said Townsville was showing signs of recovering from the downturn in the resources sector and the closure of the city’s nickel refinery.“There is mounting evidence of a revival, which is likely to gather pace as major events such as the location of the headquarters for the $20 billion Adani mining project start to take shape,” 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 2020The Price Predictor Index relies on sales volume data, rather than median prices. Mr Ryder says measuring market movement by median price change was flawed as medians only record the recent past prices whereas sales volumes predict the future.The report states history shows a correlation between sales volumes and price movements as the number of sales changes first and prices react with a time lag whether the market is rising or falling.Mr Ryder’s predictions follow Townsville’s rental vacancy rates falling to 4.3 per cent.McGrath Agents Townsville principal Brad Matheson said sales volumes had increased in many suburbs drying up excess stock which then put pressure on prices.“Sale volumes all over town seem to have increased but those are the suburbs where there was excess listings,” Mr Matheson said.“As more buyers have come in there have been lots of those now selling and as those suburbs shrink in the number of properties on the market and stock tighten that then starts to put pressure on the prices.“It’s already happened in the 4810 postcode and there is not a heap of availability here now.”last_img

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