The new 'Parsonia' release is on the market at the Somers & Hervey Estate in Rasmussen. Picture: Supplied
A new land release has hit the Townsville property market as the local real estate sector continues to experience strong price growth and high rental yields.
Urbex launched the 28 lot ‘Parsonia’ release at the Somers & Hervey Estate in Rasmussen, with blocks for sale from $185,000.
Urbex Realty general manager, Craig Covacich said the decision to bring the new stage to market was directly driven by buyer demand, with more than 100 parcels of land sold in just 16 months across five releases.
“We’ve seen sustained momentum across Townsville’s property market, with stock levels shrinking faster than they can be replenished,” he said.
“The pace of sales at Rasmussen has accelerated as demand continues to outpace supply.”
Property data showed Townsville’s median house price climbed more than 23 per cent in the past year to $562,000, while residential land values surged 24.2 per cent to reach a median of $192,500.
“Townsville has become one of the most closely watched regional markets in the country due to its strong combination of affordability, rapid price growth, low vacancy rates and high rental yields,” Mr Covacich said.
“Despite these figures, relative affordability remains a key drawcard, especially for buyers priced out of major cities.”
RELATED: Historic Queenslander inspires TV crime series
Restored Babinda Quarters listed for $2.2m
‘F***ing awesome’: Mayor’s dream home listed with backyard fishing
Urbex is planning to develop 850 homes at its Somers and Hervey Estate over the next 15 years. Picture: Supplied
Mr Covacich said investor interest remained high, with the latest PropTrack data showing rental yields in Rasmussen between 4.6 and 5.4 per cent.
Townsville’s vacancy rate tightened to just 0.96 per cent, while rents have increased by more than 10 per cent in the past year.
Data from the Real Estate Institute of Queensland showed more than 30 per cent of Townsville’s population were renters.
Mr Covacich said government incentives were further fuelling demand.
“The Queensland Government’s $30,000 First Home Owner Grant for new builds up to $750,000 adds a compelling reason for buyers to act now,” he said.
“The combination of market momentum, government support, and shrinking stock levels means available land is being snapped up faster than ever.
“We expect ‘Parsonia’ to follow the same pattern as earlier stages.”
Mr Covacich said major infrastructure investments in defence, mining, renewable energy, health and education sectors were increasing long-term confidence in Townsville, while post-pandemic migration continued to bring families and downsizers seeking lifestyle changes to the region.
According to building approval data, development activity in Townsville was beginning to recover after a slower 2023, with approvals in the 2024 – 2025 financial year already outpacing the previous year.
“Land in Townsville is still affordable, and Townsville isn’t just a smart financial investment, it offers a highly desirable lifestyle backed by major infrastructure investment and long-term population growth,” Mr Covacich said.
English (US) · 