04 November 2011

MEDIA RELEASE: TOWNSVILLE REAL ESTATE MARKET BUOYED BY INTEREST RATE DROP

Townsville buyers have expressed record registrations for today’s Auction Extravaganza at Condon as the Reserve Bank of Australia announced a .25 percentage drop in interest rates. “Townsville’s property market is showing clear signs that buyers are returning to the bidders circle”, Rapid Realty Townsville Principal Director Mr McLeod said. “The perception of buyers is the market has reached the bottom of the property cycle”, Mr McLeod said.

Townsville auction clearance rates have been languishing below 50% but increasing enquiries, offers and pre-auction registrations are clear signals that buyers are expressing a more confident mindset. With further interest rate easing expected by the RBA over the coming reporting period in addition to the .25 percentage points drop on Melbourne Cup Day, it is an anticipated more buyers will return to the more stable property market. This return of property market confidence could be influenced by the equity markets continuing to behave with inconsistent uncertainty and US and Europe financial markets continue to show signs of imploding.

Radio Talkback Host and Rapid Realty Townsville’s Auctioneer, Mal Charlwood said; the “Auction Extravaganza will have a festive atmosphere with high pre-auction registrations and cashed up buyers are excited about winning a successful bid under the hammer”.

Today’s Auction Extravaganza at Condon includes a fund raising event for the Queensland Cancer Council with prizes being offered by Townsville building contractors, mortgage lenders, wealth advisors and real estate professionals. The pre-auction activities kick off at 3.00pm and the main auction of the 4 bedroom house on large block of land at 39 Teal Street Condon will start at 4pm.

For more information or enquiries please ph 4771 3600
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