Townsville - Far North Queensland
With a diverse economy built on the manufacturing, mining, transport, tourism, health, education and defence industries, Townsville has repeatedly proven its resilience.
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 downturn in the resources sector, Townsville was showing clear signs of recovering in 2018-19 when destructive floods hit in early 2019. Yet already it is resuming its forward progress with projects worth $11 billion either under way or in the pipeline.
Vacancies have fallen and are now mostly below 1%, properties are selling faster than they were six months ago, and Colliers International say inquiries for commercial and industrial property are strong.
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.