Townsville has been described as one of the hottest property locations in the country after being named the number one regional hot spot in Australia by real estate agency Colliers International. Townsville has experienced near record population growth despite the economic downturn with a remarkable 3.2 per cent growth, compared to the national growth rate of 2.1 per cent.
Townsville is the fastest growing major city in North Queensland with around 50 people per week on average arriving in Townsville and this is only going to continue. There are 75 projects on the drawing board for the region, at an estimated cost of $4.5 billion, according to Colliers International. There is also the expected battalion of 800 soldiers accompanied by 700 support staff in 2011-12 which alone will provide as much as a $1 billion boost to construction activity in Townsville.
Strong growth paired with our diverse and therefore stable economy and the abundance of land available close to the city and major infrastructure, brings incredible opportunities for investors. We are already experiencing a rental shortage with the city's vacancy rate dropping to an all time low of just 1 per cent.
House prices have softened making this a wonderful time to get into the property market or to build your portfolio. The Australian Property Monitors have recently released statistics forecasting exceptional growth in Townsville property prices for the next 10 years. The statistics show that by 2020, the average price of a home in Mount Louisa would be $1,223,048 - more than three times the 2009 average of $392,000.
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