Townsville Real Estate seen rentals and house prices explode during the 2001 – 2009 period as the mining boom (Or more so the expansion within the mines in Queensland) brought wealth and prosperity to the Town.
Sadly the Global Financial Crisis saw a global reset and Regional Queensland bore the brunt of declining house prices and rents – in effect rents had crashed.
Fast forward to 2019 – and following the flood event, when we saw a mass exodus by the population exiting flood-affected properties and taking up temporary residence until the flood-affected homes w/units were renovated. And as the supply/demand started to normalise and people re-occupied the newly renovated homes Covid19 event began and supply tightened further forcing rents to increase.
Now 15 months and with vacancy rates near historical lows – and obtain an insight into PRe GFC rents and today’s and what happened since.
This chart is based on 1. The amount a property was advertised at various times since 2008 and 2. actual data from the properties we manage.
What does it tell us overall?
Generally, rental values in Annandale declined steeply following the GFC and continued to fall and then increased following the flood event and continue to improve. Most are at or just below 2008/2009 levels with overall benign growth in the last 13 years when we consider the period as a whole.