First Home Buyer & Investor Confidence Soars in North Queensland

24 Jun 2024

Latest News

The north Queensland capital has been experiencing a notable surge of interest from new home buyers and investors driven by the region’s affordability and high rental returns.

Townsville’s economic stability, location, and sustained growth have reinforced the region as a top-performing market, ranking in the top 10 of regional areas with a population of over 202,000 and the highest in 12-month home value growth, according to CoreLogic data.*

Urbex Realty General Manager, Craig Covacich, attributes the lift in consumer confidence toward constructing a new home to several key factors, including the pause on interest rate hikes, the stabilisation of new housing construction costs, and new housing falling within the price threshold of new housing Government grants.

“The demand for constructing new homes is on a positive trajectory as first home buyers enjoy the benefit of new housing grants and interstate investors seize the low capital entry and high rental yield opportunities,” Covacich said.

“Since the beginning of the year, we have seen a strong surge in first home buyer activity, with an impressive 60 per cent increase in sales volumes across our regional development portfolio compared to the last quarter, highlighting their confidence and significant presence in Townsvilles real estate market.

“Investor confidence has surged in the past 12 months, evident from increased sales to this sector. This trend signifies confidence in their outlook towards Townsville’s long-term economic stability.”

The median house price in Townsville currently sits at $550,000 with an annual capital growth rate of 34.97 per cent over the past 12 months. For investors, rental yields for dwellings sit at 4.8 per cent, above the pre-pandemic rate with vacancy rates sitting at 1 per cent.*

Award-winning developer, Urbex, part of BMD group, is an innovator in residential development and is focused on delivering regional Queenslanders with diverse, well-connected communities at The Reserve in Bohle Plains and Somers and Hervey in the Upper Ross Region.

The Reserve is located in the leafy suburb of Bohle Plains and is the latest land release that offers a variety of land sizes to meet the growing demand from regional first-home buyers and investors alike. Starting at $185,000, The Reserve is proving to be a popular choice.  The most recent Westringa Land release hit the market late last week, and lots are moving quickly as people rush to secure land due to high demand.

Additionally, Urbex’s newest development in Townsville, Somers and Hervey, located just 4 minutes off the Ring Road exit to Beck Drive, is offering land from $167,000, with titles expected by mid-July 2024. This development is drawing considerable interest, with over 70 per cent of the first land release sold within four weeks. The demand for land in this area continues to rise, attracting a significant number of interested buyers.

Urbex is dedicated to delivering, quality, well-connected communities across Australia. For more information on The Reserve visit thereservetownsville.com.au and Somers and Hervey visit somersandhervey.com.au.

Published: News.com.au 21/06/2024 First homebuyer activity on the up in Townsville (article link) & realestate.com.au 21/06/2024 First homebuyer activity on the up in Townsville (article link).

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