Townsville’s rental market showing signs of recovery

first_imgTownsville’s rental market is on the up.TOWNSVILLE’S rental market is showing signs of recovery with vacancy rates falling to the lowest levels since December 2014.The latest Real Estate Institute of Queensland figures show that as of the end of June, vacancy rates were 5 per cent.It follows vacancy rates spiking in September 2016 at 7.1 per cent.John Gribbin Realty principal John Gribbin said the rental market was slowly starting to turn around.“There is definitely signs of improvement but it’s not going to recover overnight,” he said.“We still need a lot of people to come back to Townsville because a lot of people actually left and that’s been part of the problem.“We’re finding places like Annandale, Douglas and Idalia rent well and just generally suburbs that have houses that present well will always move, but the peripheral areas are a bit tougher.”Research commissioned by TP Human Capital and completed by regional economist Colin Dywer shows there has been a surge in demand for rental properties in Townsville in July and there are fewer than 1500 properties available.“We have been collecting residential vacancy data from since July 8 and there has been a drop of 180 properties advertised; that’s an 11 per cent absorption in just over three weeks,” Mr Dwyer said. “Some of the absorption will be southerners taking up short term rentals to enjoy Townsville’s climate but with all the current and proposed project activity and job creation a large proportion will be out-of-towners taking up jobs.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“As the NQ stadium project commences there is likely to be acceleration in demand for homes close to these projects.”Despite an improvement in vacancy rates Townsville’s rental market is still classified by REIQ as being weak. In a statement, the REIQ said that the Government’s focus on jobs and major infrastructure projects was staring to gain traction.TP Human Capital managing director Clayton Cook said an increase in employment was likely to help improve Townsville’s rental market.“We have noticed a change in the Townsville jobs market recently, with a moderate to strong upswing in demand for construction workers, health and social assistance workers (NDIS), administration jobs and education positions,” he said.“There is evidence of skill shortages in some occupations such as labourers, riggers and hairdressers.“If the jobs can’t be filled locally then people from elsewhere will be recruited.“This migration will impact the property market in a variety of ways; one impact is likely to be increased demand for rental properties.”last_img read more

8th Milo schools football launched

first_img… Tournament to begin on February 15SCHOOLS Football returns on February 15 when the Milo U-18 tournament kicks off at the Ministry of Education (MoE) ground, Carifesta Avenue.The 8th instalment of the widely popular schools football tournament was launched yesterday in the boardroom of Milo’s parent company, Beepats.Giving the opening remarks at yesterday’s launch, Petra organisation co-Director Troy Mendonca contended that the event has come a long way under the stewardship of Milo.“I really want to express our thanks and thank you for the confidence from the Beepats Company for coming on board,” he said.The Petra boss also said, “I would like to emphasise the concept that the Petra organisation has. Once football is being played on the field, everything else comes into play.”According to Mendonca, “We can clearly identify some of youngsters who are excelling now because they came through the programme.”The MoE also represents a major part of the tournament as was outlined by Lorraine Barker-King, the Administrator of Allied Arts.“The MoE is always pleased to associate with Petra. It is important that our children are exposed to all aspects of sport, and physical education is one part of this,” she added.In the absence of president Wayne Forde, the Guyana Football Federation (GFF) was represented by Bryan Joseph who contended that “currently, we are finalising our departure for the U-20 boys and it is important to note that members of that tournament will return to that Milo tournament,” he said.Brand manager of Milo, Shelona David, stated, “We at Beepats are always happy to be a part of events of this nature and I must say that it is an anticipated event.”In giving the closing remarks, director Chris Beepat contended that for the past seven years, the tournament has been an excellent way of promoting youth development.“Sports can also bring about intangible benefits to schools and communities,” he concluded.Approximately $4M was pumped into the 2020 edition of the U-18 tournament which will start on February 15 and continue on Saturdays and Sundays for 10 weeks.The 24 teams will be competing for a $400 000 first prize which will go towards any project for the winning school; second-place will get $200 000; third-place $100 000 and $50 000 for fourth place.The participating schools are Bishops’ High, South Ruimveldt, New Central, Cummings Lodge, Carmel, Golden Grove, St Stanislaus College, Christ Church, St John’s College, Marian Academy, Charlestown, East Ruimveldt, St Joseph, Canje, Christianbrug-Wismar, Annandale, President’s College, Golden Grove, Ann’s Grove, Uitvlugt, Vergenoegen and Friendship.North Ruimveldt are a standby team.last_img read more