News Corp Australia Network
Townsville’s spring selling season has kicked off with a jump in home prices for the quarter and year-on-year.
The latest PropTrack Home Price Index showed the median home value for the Townsville region increased 4.5 per cent since September 2022 to $395,428.
The median home price was also up 1.8 per cent for the quarter.
PropTrack senior economist Eleanor Creagh said the wider regional Queensland property market also saw home prices rise in September, up 0.2 per cent to sit at a median of $614,000.
“This brings regional prices up 4.89 per cent compared to September last year and 55.3 per cent above pre-pandemic levels, making regional Queensland the strongest performing market in the country since the pandemic,” she said.
The PropTrack report showed the median house price in regional Queensland was $636,000 in September, up 4.3 per cent year-on-year, while the median unit price was $579,000, up 6.95 per cent since September 2022.
Ms Creagh said the property market in the state’s capital was performing well with a median price now at $762,000.
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“Home prices in Brisbane have already regained 2022’s price falls and are rising at a fast pace, jumping 0.39 per cent in September to hit a new price peak,” she said.
“Prices are now 5.82 per cent above their level a year ago and up 6.46 per cent year-to-date.
“Compared to pre-pandemic in March 2020, home prices are sitting 51.4 per cent higher.
“Choice remains limited in Brisbane and has led to strong buyer competition and solid selling conditions, which is pushing prices to fresh peaks.”
Nationally, the median home value was $754,000 in September, up 0.35 per cent for the month and 3.75 per cent year-on-year.
The combined capital cities median home price increased 0.41 per cent for the month and 4.76 per cent year-on-year to sit at $817,000, while the regional median was up 0.18 per cent for the month and 1.28 per cent for year-on-year to $619,000.
In Sydney the median home value was sitting at $1.057 million, followed by ACT ($842,000), Melbourne ($810,000), Brisbane ($762,000), Adelaide ($689,000), Hobart ($677,000), Perth ($597,000) and Darwin ($495,000).