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The five-bedroom home at 3 Jarrah Ct, Cranbrook, sold for $930,000 in January. Picture: realestate.com.au
Townsville home prices surged by more than 26 per cent last year with the latest data showing both the unit and house market saw strong growth in 2024.
The January PropTrack Home Price Index found the median home price in Townsville was sitting at $499,000 in December.
This was up 3.33 per cent for the quarter and 26.25 per cent year-on-year.
The average cost of a Townsville house was $536,000, up 3.48 per cent in the December quarter and 27.1 per cent annually.
In the unit market, the median price was up 1.93 per cent in the last three months of 2024 and 18.7 per cent year-on-year to sit at $345,000.
The 2030sq m property at 152 Crystal Cres, Alice River, sold for $1m in December, 2024. Picture: realestate.com.au.
REA Group senior economist and report author, Anne Flaherty said in wider regional Queensland, the average cost of a home was at a fresh peak of $705,000.
This was up 0.05 per cent in December and 10.52 per cent for the year.
In Brisbane, the median home price dipped for the first time in 25 months, down 0.04 per cent in December to $863,000.
However, Brisbane home prices were up 11.35 per cent year-on-year.
Ms Flaherty said the national home price also saw a slight drop in December, down 0.17 per cent to $795,000, yet remained 4.73 per cent higher compared to 12 months ago.
“Capital city areas led the decline, falling by 0.25 per cent over December, while regional areas displayed more resilience, rising by 0.03 per cent,” she said.
“The best performing regions for home price growth over the past 12 months can primarily be found in Queensland and Western Australia, which account for nine of the top 10 highest growth markets.”
REA Group senior economist, Anne Flaherty. Picture: Supplied
Ms Flaherty said while December was the first month in which national home values declined in two years, price growth momentum had been slowing since March 2024.
“This slowdown has been seen across both capital city and regional areas, with outperforming markets such as Greater Perth also experiencing this trend,” she said.
“Contributing to the slowdown – and reversal – of price growth, the number of properties for sale has been relatively high over the second half of 2024, particularly compared to the same period in 2023.
“This has given buyers more choice and we’re seeing them take more time when purchasing.”
Ms Flaherty said the impact of stage three tax cuts, which took effect in July, bolstered borrowing capacities for some buyers, but was counteracted by softer economic conditions.
“In particular, interest rate cuts that were originally anticipated prior to 2025 have now been pushed back,” she said.
