Apartment prices are on the rise in South Townsville
Apartment prices in South Townsville are rising, with units in the suburb now the most expensive in the region.
In the year leading up to March this year, the price for a unit in the area has increased 25.2 per cent.
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People are now paying a median of $375,000 for a unit in South Townsville.
The suburb combines the best of inner city living and historic significance, and is in walking distance to Townsville’s leading dining district, Palmer Street.
Ray White agent Nicole Plozza, who is currently marketing an apartment on Dibbs Street in South Townsville, said the lack of stock on the market could be a contributing factor to the price increase.
“I’m not seeing as much stock in apartments coming onto the market in that area,” Ms Plozza said.
“I think that’s purely because people have been waiting so long for the market to change and now, with the stadium so close to being finished, they probably know they’ll be getting a better premium price once that’s happened.
“We’ve also just had all the Adani news and that sort of stuff so we’re starting to see investors come back into the market, which is the big change.”
Apartments in Townsville City are the second most expensive, but are selling for a median of $300,000 which is the cheapest they’ve been in more than a decade.
Following that is Oonoonba and then North Ward, which is highly sought after by buyers, with units selling after an average of 55 days on the market. Units in Douglas, Nelly Bay and West End are all selling at between $200,000 and $250,000.