Herron Todd White have released their month in review report for commercial, residential and rural property for August, identifying and analysing the movements within the market around Australia.
Within the Townsville region, the commercial property market is currently approaching bottom of the market. Other regions sharing a similar outlook are Mackay, Rockhampton, Emerald and Darwin; amongst several others.
Over the past month, there has been limited sales activity in larger shopping centres, although expansions and growth in the southern suburbs through the works of the Fairfield Central Shopping Centre, the Homemaker Centre and a recently announced 24-hour, two storey McDonald’s be a driver for the commercial property market.
The residential market in Townsville has started to tick over on the National Property Clock, now beginning to recover after previously being at the bottom of the market.
Interestingly, local home buyers are seeking to move into homes that are well-presented and with little work to be done on it as opposed to buying a renovator’s dream house. Prestige buyers in the upper end of the market on the other hand are looking for the ideal location within close proximity to the city and the Strand, particularly those homes in elevated positions.
First home buyers are looking to get into affordable new homes in practical locations, generally closer to the city.
For more information on that state of the Townsville property market, click here to read Herron Todd White’s August month-in-review.