Property Value – Townsville
When it comes to determining property value, it is important to be aware of the many factors that influence the bottom line. While there are many to consider, one of the most influential is whether or not there is a military presence in the area. The Australian Army has for years, and continues to make a strong presence in the northern part of the country. Property values in Townsville reflect the heavy military presence in the city and around the Northern part of the country.
Townsville is home to the Army’s 3rd Brigade at Lavarack Barracks. The 3rd Brigade consists of two light infantry battalions – the first is the Royal Australian Regiment and the second is the Royal Australian Regiment. The 3rd Brigade at Lavarack Barracks is also home to a cavalry contingent from ‘B’ Squadron, 3rd/4th Cavalry Regiment. It has strong Aviation’s Reconnaissance, Combat Service Support Units, Engineer and Artillery Units. This base has been deployed often, and is considered to be ready to be deployed on short notice. The city of Townsville is also used as the staging point for the movement of materials and personnel to remote parts of overseas locations and Northern Australia. This northern area is also home to numerous other major units, including The 10th Force Support Battalion, which is a Force Logistics Unit that provides backup logistic support to deployed units as necessary; The 3rd Combat Engineer Regiment; the 11th Combat Service Support Battalion; and the 5th Aviation Regiment, which is located at the RAAF Base in Garbutt.
While some military personnel live on the base, others, especially those with family, as well as civilians that work at the base do not. This has created a demand for real estate in and around the Townsville area. This demand for real estate has made the city of Townsville and the surrounding areas not only a sought after place to live, but popular for investors looking to rent out their properties. Because of how often people are transferred a lot of the time military personnel opt to rent as opposed to buying until they have some more stability as to where they will be long term, renting out properties is becoming more, and more popular. The property values of Townsville, and the surrounding areas, especially those closer to the military bases reflecting what seems to be an ever growing demand for nearby real estate.
Of course, the military is not the only industry to have a positive impact on the real estate market and property values of houses in Townsville, the city is home to a multitude of other strong and thriving industries, including: tourism, business, administration, science, and mining. Because of the number of strong industries within the city of Townsville, the city has become known as a great place to find work, and to buy a home. The city has proven that because of this military influence, and these additional industries, that it can support residents through additional job opportunities even when the country has a higher than usual unemployment rate.
These opportunities have been reflected not only in the property values of Townsville, but in the continuously growing population as well. With numerous military bases nearby, and the population that seems to just keep growing, the city of Townsville has more interested home buyers and investors than it knows what to do with. When it comes to determining the property values in Townsville, the military influence is a factor that cannot be ignored. Thanks to the multiple nearby bases, career and job opportunities continue to develop, bettering the economy, and improving the quality of life for residents.