Tired of crunching every cent of your pay packet to cover your mortgage or rent? Townsville offers a rarefied affordability/liveability combo that’s well worth considering.
Squeezed by cost-of-living pressures and priced out of the capital cities, Townsville in North Queensland has begun capturing the eye of savvy homebuyers and investors around the country.
Townsville enjoys vibrant coastal living, but with some of the best beaches around. Picture: Getty
While the median house price skyrockets above $1.4m in Sydney and hovers just under the $1m mark in both Melbourne and Brisbane, Townsville’s lifestyle-friendly median price tag of $427,500 makes the seaside city look very attractive for those willing to cast their eye further afield.
Plus, strong rental demand is returning healthy yields for investors of around 6% for houses and 7-8% for units.
“People are looking for relative affordability in very pleasant locations in terms of climate and places with job opportunities, and Townsville fits all of those bills,” says PropTrack senior economist Paul Ryan.
And property buyers are taking notice. The Townsville housing market has spiked 53% per cent since the pandemic, including 15% in the past 12 months.
And with the current population of just over 200,000 tipped to grow 33% over the next two decades, the boom times look set to continue.
So, why all the buzz about Townsville?
Here are some of the reasons there’s more than just the 300 annual days of sunshine to love about Australia’s 13th largest city.
A booming, diverse economy
Townsville’s 3.4% smashes the national average of 4%.
A well-rounded economy underpinned by a variety of industries (no single sector contributes more than 15% of the Gross Regional Product), means there is ample work opportunity for people with diverse skillsets across existing and future careers.
Home to James Cook University, the second oldest university in Queensland, Townsville offers lots of education and employment opportunities. Picture: Getty
And this spells good news for homebuyers and those looking to relocate for the long-term, says Paul.
“The positive economic conditions are more based around general employment opportunities rather than individual industries,” he says.
“I think the property market is likely to be less volatile going forward than it has been in the past because the economy is becoming more diverse.”
Well known for its traditional sectors like manufacturing (employs around 6000 and contributes $1.1 billion to the region), agriculture (supports 3500 jobs), and defence (employs 5,300 personnel and home to Australia’s largest military base ), the Townsville economy is in an exciting phase of growth and evolution.
It’s established itself as a major health service hub, providing over 19,600 jobs and adding $2.2 billion in value to the local economy.
Plus, it’s home to two internationally renowned universities, including James Cook University, which is ranked number one globally for marine and freshwater biology.
Now, Townsville is on its way to becoming a global hub for renewable energy.
Rich in world-class renewable resources like sun and wind, along with minerals like vanadium (needed for energy storage applications), there are already several significant renewable energy projects operating in the Townsville region, and more are planned.
The Townsville region is set to become home to Australia’s first vanadium processing plant, along with battery metals processing and manufacturing plant, while work is underway for North Queensland to become one of the lowest cost green hydrogen producers in the country by 2030.
Over a $33b makeover
Townsville North Queensland is gearing up for a significant facelift over the next decade with a project pipeline valued at over $33 billion.
Townsville is set for an overhaul in infrastructure in the next decade, with over $33b in the project pipeline. Picture: Getty
More than $14b has been committed to development within the next five years, and is expected to create around 22,000 new jobs.
Major works already underway include:
- $5 billion CopperString 2032 project which will create a 1100km high-voltage power line from Townsville to Mount Isa and connect Queensland’s North West Minerals Province to the national electricity grid
- $250M expansion of the Port of Townsville which will see the channel widen to accept ships as long as 300m, building on trade and cruise opportunities
- A $530M expansion of the Townsville University Hospital to provide an extra 143 beds to the region by 2026.
Family friendly lifestyle
If the bustling economy, career opportunities and affordability doesn’t sound enticing enough, Townsville’s relaxed community vibe, average daily commute times of around 20 minutes, and 300 days of sunshine a year start to make a pretty attractive case for the North Queensland coastal city.
Here’s what living in Townsville can offer:
- Balanced lifestyle – Enjoy quintessential coastal living, in a comfortable home you can actually afford, with opportunity to build a fulfilling career.
- Friendly community – With a warm and easy-going attitude, Townsville locals pride themselves on their supportive community spirit.
- Natural beauty – With the Great Barrier Reef practically in your backyard, and surrounded by lush, tropical rainforests, Townsville is renowned for its wide array of stunning natural landscapes.
- Things to do – Along with the multiple tours and experiences you might expect in a region blessed with such unique natural beauty, Townsville offers a robust dining scene and is the events capital of the North – home to an array of major sports and entertainment events.
- Climate – With average daily temperatures of 29-31 degrees in the Summer season and 25-29 degrees in winter, there are endless warm, sunny days for Townsville locals to enjoy their enviable lifestyle.
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