Call it home for $100k

first_imgRay White real estate agent Sean Breitkreutz has sold a unit in less than a week for $100,000. Picture: Zak SimmondsHOMES in Townsville are selling for as low as $100,000 but now is the time to buy with bargain stock being snapped up quickly.Supply of bargain stock for under $150,000 is expected to start to dwindle as Townsville’s property market improves.Savvy buyers are snapping up cheap homes with a view of renovating them and selling when prices start to improve.It comes as Townsville was ranked the fourth most affordable housing market in Australia by Demographia, which looks at cities across the world and ranks them according to median house price and median household income.Ray White Geaney Property Group agent Sean Breitkreutz sold a two-bedroom Hermit Park unit at 3/7 Richmond St for $100,000 after it was on the market for less than a year.He said affordable properties offered great capital growth opportunities for investors.“The owners of the unit were really happy with the sale and if the new buyers just spend $20,000 or $30,000 on it to improve it, they could sell it for a profit in a year or two,” he said.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“Hermit Park is still a popular area and I think buyers know it’s going to be fairly close to the new stadium.”Mr Breitkreutz said now was the time to snap up bargains with the amount of stock under $150,000 limited and not staying on the market for very long.“Vendors are now happy to meet the market to make a quick sale and those well-priced properties are getting snapped up pretty quickly,” he said.“I think people are starting to see the urgency to get in before the market improves.”Regional economist Colin Dwyer said while he wasn’t surprised by Townsville’s affordability rating, that could turn around thanks to projects that could create thousands of jobs.“Townsville’s median house price was $316,300 in the third quarter of 2017 and gross median household income was $75,400, while median house prices were almost four times cheaper in Townsville than Sydney,” he said.“There are more green lights in front of Townsville than red lights, including multiple construction projects that will create thousands of jobs and increase demand for rental and owner-occupier residential properties.”last_img