Townsville’s economic strengths, and resilience in the face of global uncertainty, have seen it acclaimed as the natural second capital city of Queensland.
By even moderate predictions, Townsville’s existing 180,389 strong population will increase to at least 263,870 people over the next twenty years. This means that the local economy must continue to grow to maintain the city’s quality of life, and develop new services and business opportunities.
“Sentiment has continued to build in Townsville’s residential property market
which is consolidating at the start of the recovery phase. Even so, the recovery
for houses is advancing much more successfully than for land or units.”
-Residential, Herron Todd White (August 2017)
[read more from the residential review below]
Townsville Economic Drivers & Lifestyle Choice
Townsville has a diverse mix of economic drivers for the region with the largest military presence in Australia, agriculture valued at $346 Million, key Federal funding allocation to reflect the Northern Australia development agenda, untapped tourism markets, the population numbers to underpin infrastructure growth, unique education and research institutions supporting educational tourism and a tropical lifestyle with 300+ days per year of sunshine and key local tourism destinations like Magnetic Island.
Residential Property Review (August, Herron Todd White)
“Over the past few years, local and out of town investors have typically been more attracted to housing product over unit stock as the rental market, particularly for units, remains in oversupply along with ongoing buyer aversion due to high body corporate expenses. Local investors appear to be typically attracted to entry level stock in the sub $300,000 price bracket, whilst out of town investors
are generally in the $300,000 plus price bracket.” -Residential Property Review (August, Herron Todd White)