The Queenslander at 30 Roberts St, Hermit Park, sold for $830,000 in September. Picture: realestate.com.au
Townsville home prices have surged more than 20 per cent in the past year as values hit record highs in Brisbane and across regional Queensland.
The latest PropTrack Home Price Index found the median house price in Townsville was sitting at $458,000, up 21.49 per cent since August 2023.
The average cost of a house in Townsville shot up 2.45 per cent in the August quarter and 22.48 per cent year-on-year to $486,651.
In the unit market, the median price was up 3.09 per cent quarter-on-quarter and 12.77 per cent year-on-year to $343,457.
PropTrack senior economist and report author, Eleanor Creagh said in regional Queensland, home prices rose by 0.26 per cent in August and 11.35 per cent for the year to a fresh peak of $691,000.
PropTrack senior economist, Eleanor Creagh Photo: Supplied
In Brisbane, the median home price reached a record high of $854,000, up 0.35 per cent month-on-month and 13.95 per cent year-on-year.
“Since the pandemic onset in March 2020, prices have skyrocketed in Brisbane and regional Queensland, increasing by 74 per cent and 74.2 per cent respectively,” Ms Creagh said.
“The outperformance of the Brisbane market has seen prices grow by close to 80 per cent over the past five years, making it the second-most expensive capital ahead of Melbourne and Canberra.”
Nationally, the median home price lifted 0.22 per cent in August to a new peak of $790,000.
This is 6.616 per cent higher than a year ago.
“National home prices have cycled through 20 consecutive months of growth, although the pace of growth has slowed in the seasonally quieter period,” Ms Creagh said.
“Although the number of homes hitting the market this year has lifted, strong population growth, tight rental markets and home equity gains are bolstering demand.”
The home at 68 Willowbank Drive, Kirwan, sold for $688,000 in September. Picture: realestate.com.au
Ms Creagh said building activity remains challenged, exacerbating a chronic shortage of housing.
“Supporting price growth, July’s tax cuts boosted borrowing capacities and buyers’ budgets, while the persistent growth in home prices is likely motivating many to overcome affordability challenges,” she said.
“As a result, housing demand remains buoyant, defying affordability constraints and pushing prices higher across much of the country.”
Ms Creagh said price growth differed around the country, with the balance between supply and demand driving that variance.
The capital city with highest annual growth to August was Perth, up 23.24 per cent to a new peak of $751,000.
The home at 157 Goodwin St, Currajong, sold for $480,000 in August. Picture: realestate.com.au
Second place was Adelaide, up 15.12 per cent to a peak of $761,000, followed by Brisbane, up 13.95 per cent to $854,000, and Sydney, up 5.83 per cent to $1.095m.
Darwin was fourth with its 1.05 per cent growth to $509,000, while home prices in ACT increased by just 0.43 per cent to $839,000.
Hobart home prices fell 0.5 per cent to $683,000 and the median house price in Melbourne dropped 1.46 per cent to $797,000.
“Home prices are expected to lift as activity ramps up into the spring selling season,” Ms Creagh said.
“However, the expected uplift in choice, the uncertainty around timing of interest rate cuts and affordability constraints are likely to dampen the pace of price growth.”
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