Where to find Townsville’s cheapest real estate

Townsville bargain-hunting homebuyers should look to the central suburbs for affordable property.

According to the latest data from REA, seven of Townsville’s top 10 most affordable suburbs were located in the central pocket bisected by Nathan St.

Heatley had the cheapest real estate with a median house price of $290,000, even after a 9.4 per cent growth in the past 12 months.

Vincent was second with a median house price of $295,000 followed by Rasmussen ($315,000), Garbutt ($317,500) and Condon ($320,000).

Rounding out the top 10 were Cranbrook ($320,000), Kelso ($323,000), Currajong ($325,000), Gulliver ($327,500) and Aitkenvale ($340,000).

In comparison, the median house price for the Townsville region was $403,500 and Brisbane’s was $760,000.

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The property at 213 Palmerston Street, Vincent, is for sale for prices in the mid $200,000s.

Damien Keyes, of Keyes and Co Property, said while many of these suburbs came with a stigma they could offer great buys.

“You really do have to dive in and have a look for the gold in there,” he said.

“There are some great little micro pockets within (these suburbs).

“The Heatlys, Currajongs and Gullivers are well built-up areas with lots of amenities, infrastructure, schools and shops that make living convenient.

“Garbutt is city fringe with lots of infrastructure and the airport for the FIFO workers. And there are some magical little pockets along the river (in Kelso).”

Mr Keyes said Townsville’s cheapest suburbs offered buyers an opportunity to get a foothold in the market, especially at a time when new builds came with “exorbitant buildings costs and time delays”.

“Because of this, we are seeing a lot of people that throw their hands in the air and try find something in the established market,” he said.

Being established suburbs, these bargain hotspot gave more block size for buyers’ buck.

“Compared with the newer developments, you have less density in these suburbs,” Mr Keyes said.

“You have a lot of the 809 sqm blocks in areas like Gulliver and Currajong.”

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The home at 3 Loretta Court, Rasmussen, is on the market for $238,000.

Mr Keyes said the affordable suburbs were drawing strong interest from investors and homebuyers alike.

“We’re certainly still seeing a lot of southern investor interest, particularly in the low $400,000s and under price bracket,” he said

“It’s super aggressive in that bracket.

“We’re also seeing first-home buyers and tenants forced out of the rental market and into the property market for some certainty.

“That is putting further pressure on the market and we’ll see upwards movement on prices in those areas.”

Townsville’s cheapest suburbs (median house price)

1. Heatley – $290,000

2. Vincent – $295,000

3. Rasmussen – $315,000

4. Garbutt – $317,500

5. Condon – $320,000

6. Cranbrook – $320,000

7. Kelso – $323,000

8. Currajong – $325,000

9. Gulliver – $327,500

10. Aitkenvale – $340,000

Article source: Queensland Property Investor