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 Realestate.com 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

Family start again on family home dream with complete rebuild

first_imgThe home goes to auction this weekend.Although he was impressed with the home they built — with six bedrooms — he said it got to the point where it was just too big for the three of them.“We have had three families in here and you can’t even feel it,” he said.“Some of the rooms haven’t even really been lived in.”The home will be auctioned by Andrew Flanagan at Ray White Ascot tomorrow on site at 29 Alcester St, Grange, at 9am. BEFORE: The older home was knocked down when tree roots caused a problem.Although a complete rebuild came with a large price-tag, it gave him the chance to create something very spacious and modern. More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoThe original home was split level with a garage and laundry on the ground floor, although this was more by necessity as there was a deep slope on the block. Thanks to some excavation and landscape work, the new home became a true two-storey house. INSIDE: The new house was much larger than the original.The ground floor has an open plan centred on a combined kitchen, dining and living area, overlooking an outdoor entertainment area.“Each of us has a favourite thing, and mine is the cinema room with 7.1 surround sound,” he said.“My wife loves the kitchen and the deck and my daughter loves her room and the playroom upstairs.”center_img Joanne and Chris Goh with daughter Christina 9 are saying goodbye to their custom built family home that is going to auction this weekend. Photo AAP/ Ric FrearsonNature ended up having it in for Chris Goh when he bought a ’60s era home in Grange back in 2012.He thought he had found the ideal home for his family, but soon after he purchased it he found out the roots of two trees near the house were causing serious problems.The potential bill to deal with the trees got so expensive that he faced a big decision about what to do with the home.“It was pretty far-gone so we chose to demolish,” Mr Goh said. “It was basically a single storey weatherboard house with a lot of asbestos.”last_img read more