The rental market in Townsville continues to show strong signs on low vacancy and strong rental demand. At the time of writing this, there are 420 houses and units available for rent in Townsville our of approx. 26,000 rental properties representing a 1.6% vacancy rate.
Leading into the last quarter of the calendar year, we will see the rental market activity rise fuelled by the transient population movements. Strong industries like Defence, Education and Medical will continue to fuel the already tight market in Townsville. 2025 will see additional Australian Defence Force members relocated to the region seeing an additional 500 members and and their families relocating as part of the defence strategic repositioning of assets to the region.
2025 will also see works commencing on the expansion of the Townsville University Hospital which will bring contractors to the region along with more medical staff positions once works are completed.
As December approaches we will see an increase in rental stock hitting the market as we transition through this phase.
The average median rental yield across Townsville over the months of May 2024 to August 2024 has held strong at 6.2%, representing a median rent across houses and units across the region of $416 per week.
If you are looking for a property manager that understands the market to achieve the best possible returns for you investment, then get in touch with one of our friendly Ray White Townsville Property Management Team members today.
Santo Spinella – 03 September 2024
Auctions have proudly been part of the fabric of this fourth generation, family-owned and led business since 1902. This method of sale is one we believe in and have recommended to our clients since then. We still believe it’s the purest form of selling real estate.
Auction is a form of selling real estate where the market determines the price of an asset in an open forum negotiation, which is essentially what happens on auction day. Buyers can look each other in the eye and see what someone else is prepared to pay for it, and can then decide if it’s worth more to them and continue bidding, all on an open and even playing field in regard to terms and conditions.
The seller has the benefit of exposing their asset to the entire market, maintaining control of the process by only selling should their reserve price be met. It’s also sold on favourable terms as an unconditional contract gives security to the transaction that what a bidder offers, is what a bidder pays. During other methods of sale, so often the contract price is renegotiated, for example during a due diligence period, which might only come weeks or even months after the contract was agreed. Auction requires the buyer to do their due diligence prior to deciding how much they’re prepared to pay. Vendors can sell any time before the auction – if a good offer comes in; on the day – through competitive bidding and open negotiation on the auction floor; or sometimes when further negotiations are required, they can sell it post-auction.
No matter what state the market is in, an auction campaign, if carried out correctly, gives you the best chance of creating that competition between bidders to achieve the maximum price for the vendor. At worst, an auction campaign gives you a platform. A platform where post-auction negotiations can take place to still achieve the best possible outcome for the vendor, and for those unsuccessful, they become a pool of buyers for the future.
Santo Spinella – 28 August 2024