How will COVID-19 pandemic transform Townsville property market: HTW residential
Jobs and job security are major drivers of our local property market with both of these currently heading in the right direction prior to COVID-19 directives, according to a recent Herron Todd White (HTW) residential report.
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.
"Over the twelve months since January 2019, we have seen a trend increase of 7.1 percent in the number of persons employed in the Townsville region.
"Our unemployment rate is on a downward trend and the higher levels of business confidence and strong rates of job advertising being observed bode well for continued strength in employment creation in the coming months," the valuation firm said.
"We have a strong pipeline of projects proposed to commence in 2020 or currently underway, with completion of the North Queensland Stadium and its hosting of events now a reality."
The report suggests this is providing a positive driver along with other proposed inner city projects such as the SeaLink ferry terminal, the Cowboys Centre of Excellence and the 166-room Double Tree by Hilton hotel.
Detached housing in inner suburbs such as Belgian Gardens, North Ward and South Townsville in close proximity to entertainment and lifestyle hubs are seeing sales rates quickening and selling periods reducing. Sales however are still price sensitive and price movements thus far have been minimal.
"We are however entering a period of unprecedented global economic disruption with COVID-19. Just how this will translate in our local market in terms of jobs and job security will be a major indicator to watch over the months ahead."
A beachside unit in North Ward has recently been sold for $290,000.
The 11/177 Mitchell Street home (pictured below) comprises two bedrooms, two bathrooms, multiple balconies and secure car space.
The complex features resort-style pool and entertaining area.
A current listing is a traditional Queensland cottage in South Townsville priced at $335,000.
The two bedroom, one bathroom is situated at 12 Sixth Avenue (pictured below).
Positioned on a 721sqm block, it comes with modern kitchen, front veranda, internal laundry and huge yard.
