Townsville Residential Property Overview | QTR 1 | 2015
Townsville Economy Overview Population growth
Townsville City LGA Estimated & Projected Resident Population 350,000
Change 2012 to 2013: 2.03% (3,586 people) 300,000
250,000
189,238
200,000
150,000
100,000 2004
2005
2006
2007
5
TOWNSVILLE RESIDENTIAL PROPERTY OVERVIEW
2008
2009
2010
2011
2012r
2013p
2016
2021
2026
2031
2036
Year to June Prepared by 3D Property Consulting, Source: ABS & OESR
Economic Growth
The key to the strength of the Townsville economy lies in its diversity. Major contributions are generated from public administration and safety, rental hiring and real estate services, manufacturing, mining, construction and health care and social assistance. Gross Regional Product (GRP) for the northern region increased 8.6% from 2009-10 to 201011 to reach $12.44 Billion. Townsville is the trade centre for the vast North West Queensland minerals province and the port experienced seventeen years of consecutive trade growth to exceed 10 million tonnes per annum in 2003-2004 and has handled record tonnage during 2011-12. Townsville is an internationally significant base metals processing centre and is home to three major metal refineries including Xstrata’s Copper Refinery at Stuart, Sunmetal’s Zinc Refinery at Stuart and Clive Palmer’s QNI Nickel Refinery at Yabulu. The defence forces based in Townsville have been subject to major expansion over the past decade, highlighted by the recent relocation of the 3RAR light infantry battalion including 1,500 soldiers and support staff, from Holsworthy in Sydney to Townsville’s Lavarack Barracks. Townsville is also home to James Cook University and a number of research institutions and is developing as a world leader in tropical science and sustainability. This economic diversity is the key to the strength of the Townsville economy and underpins a sound and stable property market.
314,362
Annual Forecast Change 2016 to 2036: 2.2% (5,524 people P.A.)
Population
Townsville’s consistent population growth is likely to be a major driver of dwelling demand in the future. In the year ended June 2013, the Townsville City population grew 2.03% according to the ABS, increasing by 3,586 people to reach a total of 189,238 people. Net migration has been the major driver of recent population growth, reflecting strong employment growth. The Townsville population has grown by 2.9 per cent per annum over the past five years, with Queensland Government projections (medium series) indicating the population is expected to reach approximately 314,362 people by 2036. Considering the Townsville average dwelling size is 2.7 persons, this growth equates to an average derived demand of approximately 2,000 new dwellings per year needed to house the growing population over the next 23 years. Forecast demographic changes including a reduction in the number of persons per household (household size) will increase the underlying demand for dwellings even further in future years.
Gross Regional Product Wholesale trade
Townsville Queensland
Transport, postal & warehousing Retail trade Rental, hiring & real estate services Public administration & safety Professional, scientific & technical services Other services Mining Manufacturing Information media & telecommunications Health care & social assistance Financial & insurance services Electricity, gas, water & waste services Education & training Construction Arts & recreation services Agriculture, forestry & fishing Administrative & support services Accommodation & food services 0.0%
2.0%
Prepared by 3D Property Consulting, Source: Townsville Enterprise
4.0%
6.0%
8.0%
10.0%
12.0%
%age Contribution
14.0%
16.0%
18.0%
20.0%