Home prices continue to grow in Townsville with new data showing an upwards trend for the quarter and the past year.
The latest PropTrack Home Price Index showed in the three months to November the median dwelling value in Townsville increased 2.39 per cent to $403,000.
Year-on-year that figure was up 7.13 per cent.
PropTrack senior economist and report author Eleanor Creagh said in wider regional Queensland, the median home price was up 0.35 per cent in November to sit at $632,000.
“This brings regional prices up 7.36 per cent compared to November last year and 59 per cent above pre-pandemic levels, making regional Queensland the strongest performing market in the country since the pandemic,” she said.
The report showed the median house price in regional Queensland was $652,000, up 0.46 per cent month-on-month and 6.96 per cent year-on-year.
The median unit price saw a slight drop of 0.07 per cent to $597,000 in November but was still 8.87 per cent higher than a year ago.
Ms Creagh said in Brisbane the home prices lifted 0.2 per cent for the month to a median of $775,000, despite a slowdown in price growth.
“Prices in Brisbane are now 8.85 per cent above their level a year ago and up 8.91 per cent year-to-date,” she said.
“Compared to pre-pandemic in March 2020, home prices in Brisbane are sitting 54.9 per cent higher.”
In the Queensland capital, the median house price is $868,000, up 0.28 per cent in November and 8.8 per cent in the past year.
The median unit price dropped 0.29 per cent in November to $580,000 but was up 9.17 per cent year-on-year.
Ms Creagh said nationally home prices climbed 0.22 per cent in November to a peak of $761,000, bringing the figure up 5.53 per cent so far this year and 1.29 per cent above the previous peak recorded in March 2022.
“Strong housing demand, buoyed by record net overseas migration, tight rental markets, low unemployment and home equity gains, has worked alongside limited housing stock to offset the impacts of higher interest rates this year,” she said.
The property at 41 Elford Place, Mount Louisa, sold for $805,000 in November. Picture: realestate.com.au
“Despite interest rates climbing again in November and the flow of listings hitting the market increasing, housing demand has remained strong and national prices have now risen for 11 straight months.
“Meanwhile, the sharp rise in construction costs and labour and materials shortages have slowed the delivery of new builds, hampering the supply of new housing.”
Ms Creagh said home prices were likely to lift further in 2024 but at a slower pace.
“Looking ahead, price growth is expected to continue as the positive tailwinds for housing demand and a slowdown in the completion of new homes counter the sharp deterioration in affordability and slowing economy,” she said.