Townsville is finally starting to be hit by a housing market slowdown in the last few months. There are fewer enquiries to purchase homes and what has been a sellers market is becoming a buyers market. Sellers are no longer able to set their price and not bother with negotiating, they now need to set a more realistic price for their home if they want it to sell.
With standard home loans around 9.4% here in Australia fewer people are wanting to make a move into the housing market. Also with house prices in Townsville still quite high housing affordability it at an all time low in Australia.
Townsville bucked the trend from the recent house price declines in many of the capital cities in Australia, so it was only a matter of time before this market correction came.
The question now is how far will the prices fall for houses in Townsville?