Hyde Park set to lead property improvement

Townsville Bulletin published this article today following and interview we did yesterday.

TOWNSVILLE’S property market has begun the slow upward march out of the price ditch with suburbs such as Hyde Park leading the charge.

The inner city spot scored the highest quarterly median price boost of 17.9 per cent, according to RP Data, which brought the median house price up to $395,000.

It’s a heartening fact that Graham Lynham, of Graham Lynham Real Estate, said was evidence of overall market improvement that was largely thanks to well performing patches such as Hyde Park, Hermit Park and Mysterton.

“I think overall the market has been picking up for the past few months,” he said.

“When a market flattens it picks up from the city out.

“Hyde Park has been generating strong sales … and it really only takes a few strong sales to change a market,” he said.

Mr Lynham put down Hyde Park’s popularity to its reputable schools, proximity to the city and Castletown Shopping Centre which he said was one of the most profitable shopping centres.

He said the suburb also featured a large number of the always-popular Queenslander homes, while offering some top blue ribbon streets.

Mr Lynham believed the quarterly boost in median sale prices came off the back of some higher end sales earlier in the year (they sold a $700,000 property in Princess Rd) and said the quality and striking classic homes on large blocks had proven a big drawcard.

“The appeal of the area is similar to that of North Ward and Belgian Gardens,” he said.

“Plus Hyde Park is a real niche suburb and there’s often not as much product on the market.

“It really pulls above its weight.

“It will be suburbs like Hyde Park that lead the property market back up.

Hyde Park home owner Glenda Wanless moved to the suburb about eight years ago and said in that time the lure of patch had not abated.

“Houses aren’t excessively priced here … and I believe it’s those suburbs with houses priced in the middle of the mark (between $400,000 and $600,000) that survive the slumps better,” she said.

“And people seem to really like living here. It’s a great location that’s close to everything … and there’s a lot of Queenslanders which really seem to hold their value.”

Since October last year Mr Lynham had recorded an increase in house sales, and said one factor also impacting that rise was the struggling unit market, which was under pressure due to high body corporate fees.

Evidence of this particularly struck home in Railway Estate, where quarterly unit prices dropped 16.3 per cent, according to RP Data.

In the last year, up to January 2012, median unit prices plunged 24.1 per cent in the inner-city suburb, with house prices dropping 2.5 per cent in that time.

Mr Lyneham attributed this to the style of homes in the suburb, and said many were run down and in need of a renovation.

He said many buyers didn’t want to buy a house or unit and have to spend further money unless they could get the home for an absolute steal.

And with many properties in Railway Estate needing a makeover, he said it wasn’t working in the suburb’s favour.

But as those renovations slowly happened and newer and more impressive houses popped up, he expected the suburb’s market to improve.

“You do see nice product in Railway Estate but it’s spread thinly,” he said.