Townsville - Far North Queensland
Townsville is enjoying a sense of optimism as the economy improves and the impact of past difficulties (including the February 2019 floods) fades.
The State Government and the local council are committing large sums to public investment to the Townsville region. Over 20 big projects costing $11 billion are under way or expected to start work in 2019-20.
Unemployment is at its lowest point for five years while the housing market is starting to see rents and prices rise. Both BIS Oxford Economics and Propertyology are forecasting price growth.
Townsville has proven its strength and resilience in the past. Its property market experienced an unbroken run of double-digit growth years from 2002 to 2007 and continued to enjoy the benefits of its links to the mining industry for many years.
After a few years in the doldrums, caused largely by the resources sector downturn, Townsville was showing clear signs of recovering when the floods hit in early 2019.
Townsville’s comeback will be boosted by major projects across numerous industries. There are large mine developments, including Adani’s Carmichael coal mine, which will be headquartered in Townsville; a $250 million sports stadium; a $1.9 billion CBD makeover; a $1.9 billion educational hub being driven by James Cook University; and $6.5 billion to be spent on residential developments.
This report covers the Townsville LGA including the suburbs of Townsville City, North Ward, Annandale, Cranbrook, Douglas, Kelso, Kirwan, Mt Louisa, Railway Estate and West End.