News Corp Australia Network
Million-dollar home sales have more than halved in Townsville with new data showing 2023 has failed to live up to the red hot market of last year.
The latest Herron Todd White Month in Review took a look at the high end property market throughout Australia and found the Townsville market had fallen from the “dizzying heights” of 2022.
Local Herron Todd White director, Darren Robins said Townsville had seen 35 sales over $1m so far this year, compared to 94 last year.
“As to why the numbers have dropped on average, it may be that there is a limited depth in our prestige market,” he said.
“Interest rates have certainly increased this year making that large purchase more expensive or it could be limited stock availability.”
Mr Robins said overall the Townsville market continued to perform well with a mix of interstate and local purchasers, while most of the properties that sold for more than $1m were owner-occupied properties.
“The highest sale year-to-date has been $2.4m for a large 470sq m family home offering six bedrooms and four bathrooms on a prestigious 1618sq m allotment offering interrupted ocean views,” he said.
“The highest sale year-to-date in the rural residential market was $1.8m for a multi-level five-bedroom, three-bathroom home set on 40ha with numerous ancillary improvements.
“If anything is to be said about this calendar year, it is that it has seen a resurgence in rural lifestyle sales on allotments generally ranging from 2000sq m up to 50ha.”
Of the 35 million-dollar sales in 2023, 12 were rural homes.
Mr Robins said the unit market remained relatively subdued, especially compared to the housing market.
“The 2022 calendar year saw 10 sales over $1m, with the highest being $1.72m,” he said.
“Year-to-date we have had three settled sales over $1m with the highest being a sub penthouse at the Solarus complex which sold for $2m.”
Mr Robins said there was still time for Townsville’s prestige market to finish the year on a high.
“It remains to be seen whether 2023 will provide a sale above and beyond that seen in 2022,” he said.
Currently, there are five Townsville properties listed for sale in the $2m-plus price bracket while one property is poised to come to market with a price tag of $9.85m.
This marina mansion at 8/48-55 Sir Leslie Thiess Drive, Townsville City, sits on three lots totalling 1243sq m and comes with three marina berths.
It features four bedrooms, five bathrooms, two kitchens, two pools and even a cold room with a four-keg beer system.