Townsville has been plodding at the bottom of the market for awhile now. What are peoples thoughts on the area? Are the high insurance and council rates enough to put investors off?
Yes high insurance and rates. I think it's definitely at the bottom. Lots of projects economy wise now.
Its possible to get reasonable insurance Ours is $1400 a year but our replacement value is $435,000 Rates including water are approx 3,000 - 3,500 a year Its the water inclusion which makes rates look crazy
I would say prices are still below their 2008 peak - yes 9 years ago Lots in the pipeline for Townsville and although i am biased i guarantee you wont find better value buying in any other regional in Australia. Most stock sells for 100s of thousands below replacement value As a bonus its actually a pretty nice place, imo nicer than cairns - not as many tourist things/ restaurants but its got a nicer esplanade/ beach Cbd is not a great area but imo is made up for by north ward and palmer st precincts
I can confirm I'm in Townsville and I charge for water on one of my IP's but I won't on the other because it's my hope they will look after the gardens. If you want to on charge the water component (relatively new) u need to have wels 3 faucets , shower heads and toilet cisterns. Rental managers tried to tell me I had to get a plumbing audit but you can keep evidence yourself. Just download fact sheet. Keep in mind if u ask a tenant to pay for water in tsv u might end up with a dead yard. RM will read Meter at beginning and end of lease. Re insurance. Get quotes before u make an offer. Some places (even if they are elevated) near a flood zone can be expensive. I feel this is short term as the insurance industry is under a lot of pressure to reign it in. Talk of government insurance etc.