New data reveals strong price growth in North Queensland

Ray White Group chief economist Nerida Conisbee said new data tracking house price movements from May 2019 to May 2025 revealed how Australia's real estate landscape had fundamentally changed, and challenged decades of conventional wisdom about where Australians want to live.

Ms Conisbee said houses in Townsville that once cost around $306,762 were now worth $597,347.

Units have seen an 81.4 per cent price growth, costing buyers around $405,927 compared to $182,124 in 2019.

Ms Conisbee said: “The most striking element of this reordering is how areas that were once considered budget-friendly options have transformed into sought-after markets commanding significant premiums”.

“This shift represents one of the most dramatic changes in Australian property dynamics in decades,” she said.

“Six years ago, the hierarchy of Australian property markets seemed set in stone.

“Sydney reigned supreme as the nation's most expensive city, with Melbourne a clear second, followed by the ACT in third place.

“Regional areas and Queensland's coastal cities, while desirable, occupied their traditional spots further down the ladder.

“Today, that established order has dramatically changed.”

Ray White Townsville principal Giovanni Spinella described Townsville’s current market as the “perfect storm”.

“Low supply is driving high demand, and with lots of population growth this is absolutely perfect,” Mr Spinella said.

“For the moment we are in a place of growth, and I can’t see that changing.”

Mr Spinella, joined Ray White Group in 2023 and was recently recognised as a Chairman’s Elite Performer, for achieving exceptional sales performance and settled commission in Townsville.

Representing the top 1 per cent of agents within the Ray White network, Mr Spinella said there were three types of buyers currently investing in North Queensland.

“First home buyers are very active - they know that if they don’t get in now, it won’t happen for a long time,” Mr Spinella said.

“Investors are still buying in Townsville based on rental yields, and there’s buyers upgrading to a home at double the value.”

Mr Spinella said Townsville was the ideal place to buy property.

“I don’t know many places that have the perfect weather for around 300 days of the year, live five minutes from the beach, and can commute around the whole of Townsville in no more than 35 minutes!”

Ms Conisbee said the data represented a fundamental shift in buyer behaviour and market dynamics.

“The speed of this transformation has been remarkable,” she said.

“Areas that offered genuine affordability just five years ago now require substantial deposits and carry mortgage payments that would have seemed impossible for their traditional buyer demographic.

“This rapid appreciation has created both significant wealth for existing owners and new affordability challenges for prospective buyers.”