Confidence in property slowly rises

first_img5 Fryer St, North WardTOWNSVILLE’S residential property market is still at the start of the recovery, according to the latest Herron Todd White report.The HTW December month in review report states that while infrastructure projects were helping to kickstart the economy, there was still a lack of confidence.“Major projects such as the North Queensland Stadium and Haughton pipeline duplication underway along with a number of projects in the pipeline are providing improving economic conditions,” the report stated. “There, however, remains uncertainty around job security and the longevity and impact of these projects.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“The rental vacancy rate has reduced throughout the year and we have seen a slight increase in rents in some locations.”The report also notes that inner-city and city fringe suburbs performed strongly.“The inner city 4810 postcode and in particular North Ward and Belgian Gardens have seen good levels of activity and firming prices, however, we have not seen the ripple effect of this increased activity transfer through to the market in the fringe or outer suburbs,” the report stated.“Overall the present market is highly suburb selective, with the recovery for houses more advanced than for units and land sales remain at very low levels.”Demand for the seaside suburb of North Ward resulted in multiple seven-figure sales throughout the year.5 Fryer St in North Ward sold for $1.75 million in May while 75 Cook St in North Ward sold for $1 million in June and an apartment at 4/62 The Strand was bought for $1.125 million in April.last_img

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