If you want it you better put a deposit on it
IF your sights are set on a specific property in Townsville and you’re just waiting for it to hit the market — don’t hold your breath.
Most property in the region is held for a decade or longer between sales, according to data by CoreLogic.
It appears homeowners in Picnic Bay, Magnetic Island are most attached to their property, with homes taking an average of 18.3 years to be re-sold — so if you missed out at an auction in the suburb, it’s suggested you move on.
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Best of Magnetic Real Estate agent Alex Strens said most buyers in the area were looking to retire and find long-term residence.
“In 2005 when the ferry terminal moved to Nelly Bay, Picnic Bay became more of a destination on the island and it reminds people a lot of how Magnetic Island was back in the day,” Ms Strens said. “It attracts more owner-occupiers who are going to be long-term and at a stage where they’re looking to retire.”
Houses in Heatly, Wulguru, Mundingburra and Mysterton are also held tightly for more than 15 years.
It’s not all long-term love though, with some areas seeing properties back on the market after only a couple of years.
The fastest suburb for property turnover is Cosgrove, with houses being re-sold after only 2.6 years.
Explore Property agent Giovanni Spinella, who is marketing a property at 27 Outcrop Rise in Cosgrove, said the vendor was an investor.
“(Cosgrove) is an interesting suburb,” Mr Spinella said. “It has a high rate of rental properties as a lot of the homes were sold through investment chains, and as rental returns have dropped in the area, this could have spiked investors to move on to invest elsewhere. There have been sales of owner-occupied homes of late also but this could be due to work or other factors unknown.”
Other suburbs where you might see your dream house on the market again in under six years are Rosslea and Bohle Plains — so don’t lose all hope.
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