Thoughts on Townsville next 12-18months

Just wondering if anyone has been looking into the Townsville market recently?

Things are pretty slow at the moment but curious as to what people's thoughts are in regard to the market the next 12-18 months? I'm thinking of purchasing something (3 bed house) in the mid $200k's in one of the older suburbs close to the city and doing a cosmetic reno. If I purchase mid next year, I'm just wondering if it will be some time before it see any growth and I might be better off investing somewhere else first?

http://www.townsvillebulletin.com.a...-property-market/story-fnjfzs4b-1227280319117
John McGrath seems to think the next 12 months we will start to see things turn around but given the high unemployment and poor business conditions I can't see this happening in the short term.


Thoughts?
 
Townsville has massive blocks and it is really cheap, lots of nice housing stock as well
You won't find cheaper land in a comparable sized city in AUS

In cairns the blocks are smaller and the old housing stock is not as nice

Geelong also high unemployment but much lower wages - land is heaps more expensive

Wollongong - large blocks are expensive

Darwin - we all know what happened there

Townsville has natural boundaries as well so not much land for the future

I think it's a good long term proposition
House growth has been negative from 2007 to now
 
Townsville has massive blocks and it is really cheap, lots of nice housing stock as well
You won't find cheaper land in a comparable sized city in AUS

In cairns the blocks are smaller and the old housing stock is not as nice

Geelong also high unemployment but much lower wages - land is heaps more expensive

Wollongong - large blocks are expensive

Darwin - we all know what happened there

Townsville has natural boundaries as well so not much land for the future

I think it's a good long term proposition
House growth has been negative from 2007 to now

Thanks for comments strongy. Any thought on the short to medium term? As you mentioned there is a few good suburbs not too far from the city which I would probably look at developing in the long term also.
 
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