The City
Breathtaking coastal lines, tropical rainforests, rugged outback and country terrain - some would travel the world over to experience this magical wonderland. But just 1500km north of Brisbane and located on the brink of the Great Barrier Reef, is Townsville, a city offering the best of all worlds. Hundreds of new residents flock to Townsville each year for its 300 days of sunshine.
Townsville's transformation from a dry and dusty industrial setting to a vibrant and modern metropolis beckons out-of-towners, with the population growth rate at 3.1% in 2007 (almost double the national rate) to approximately 150,000.
Townsville is the northern link for State and Federal Governments, as well as for private enterprise in primary and secondary industries, mining, commerce, retail, and community and cultural services.
Widely recognised as North Queensland's (NQ's) capital city, Townsville was dubbed a 'super city' after the Townsville City Council merged with its twin city, Thuringowa and NQ Waters in March 2008, making it the largest regional local government in Queensland.
The city's heritage has been retained with the CBD, shopping and waterfront areas now housed in restored historic buildings, adding character and charm to the city.
Townsville Real Estate
In the March 2008 quarter, it was recorded the median house price in country Queensland at $376,000. The median rent rose by 4.8% over the quarter and was recorded as the highest of all country house markets at $330 per week. The average gross rental yield was recorded at 4.6%. Price growth has been exceptionally strong across the Townsville region in recent years.
It is believed that Townsville's property market will continue to thrive due to its rapidly growing population, strong economic growth, employment opportunities and low vacancy rates.
As stated by the REIQ, 'Queensland's housing market has fared much better than other parts of the country. This can be attributed to the influx of about 1,200 new residents into the State every week, our healthy economy, low unemployment and surging coal prices’.
As thousands of out-of-town workers pile into Townsville for the construction and resource boom, the need for more long-term accommodation means significant growth in rental rates. Around 1,140 new dwellings are required each year to keep up with demand for permanent housing and forecasted population growth, estimated at 31,000 new residents over the next decade.
A recent survey conducted by Mortgage Choice asked 1,000 property investors which State or Territory they believe has the most capital growth potential over the next five years, and with a 38% response, Queensland was the front runner.
Herron Todd and White have predicted that the strong housing demand will persist during 2008, driven largely by buoyant conditions in the mining industry.
Additional pressure will also arise during the year as Townsville gears up for the transfer of 1,500 additional families to the city between 2009 and 2010 when the Army battalion due to be relocated to Townsville starts taking place.
Defence presence
During World War II, Townsville became a Garrison base for the Pacific. Today, it is still a strategically important Defence centre with the largest Defence establishment in Australia.
Townsville harbours the largest contingent of Defence personnel in Australia with around 7,000 Airforce and Army serving members working out of RAAF Base Townsville in Garbutt, Lavarack Barracks in Townsville and the Jezzine Barracks at Kissing Point, North Ward.
