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Report Shows Promise In Property Market

20 March 2018

Herron Todd White have released their quarterly Townsville in Focus property market update. Promisingly, they have evaluated the local residential market as being in the “Start of recovery”, driven by major projects underway in the region.
 
The report states that the market is faring better for houses than units, with house prices rebounding steadily from the declines experienced in early 2017. These gains, however, have still been only modest, with the median price of $332,000 remaining slightly down on December 2016. There is also significant disparity between suburbs.
 
In the rental market, vacancy across the city has tightened, with only 3.1% of properties now vacant. Again, the housing market has seen the strongest improvement here, with a 2.3% vacancy, which has led to a modest 3.2% increase in average rents since the end of 2016. Units, however, have currently a 4.1% vacancy rate and have seen a 2.4% decline in rents over this period.
 
You can read the full report here.

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