Townsville is one of the most stable and diverse regional economies as one of the largest in Australia. By 2025, Townsville is forecast to become the 12th largest metropolitan and regional economy across the country.
Regarded as the industrial and commercial hub of North Queensland, Townsville is recognised as Northern Australia's largest economy contributing value-added services to the tune of $11.426 billion per annum. Over 23,000 businesses exist in Townsville.
The North Queensland economy has grown by $1.15 billion in 18 months and $78 billion worth of projects is in the pipeline (TEL Development Status Report, March 2014). Defence contributes $639.7 million or 1.8% of the Townsville economy.
Australia's leading demographer Bernard Salt said, "Townsville's next phase of growth is likely to see it accrue the critical mass in population to transform from a regional centre into a metropolitan centre."
With an average temperature of 29 degrees, 300 plus days of sunshine, a median house price of $345,000, 320 parks including the award wining tropical beach at the Strand and 3 national sporting teams in the North Queensland Cowboys, Townsville Crocodiles and Townsville Fire, Townsvillle is recognised as the most sustainable City by the Australian Conservation Foundation in 2010.
Boasting a world ranking in the top 4% of world tertiary instructions by Shanghai Jiao Tong University, James Cook University is Australia's leading tropical research university in medicine, health, education, sustainablity and marine science. In fact the Townsville hospital is the only tertiary hospital outside an Australian capital city. Townsville has over 60 primary and secondary schools.
Transportation is a critical strategic infrastructure for Townsville North Queensland and Queensland's North West Minerals economy handling $15 billion of goods and 13.6 million tonnes in 2013/2013. Townsville airport services both domestic and defence infrastructure with 1.7 million air passengers per annum and 34 flights per day. The Northern Australian Aerospace Centre of Excellence and Business Park is based at the Townsville Airport precinct.
Queensland's gateway to the vast minerals and energy resources of the North West Minersls Province and Galilee Basin injects $3.41 billion to GRP. The region is recognised globally as a strong and competitive minerals producing region with high quality copper, silver, lead, zinc, gold and phosphate deposits. The Premier of Queensland The Hon Campbell Newman said, "The Galilee Basin has the potential to create lucrative new export markets and generate thousands of new jobs in mining, construction and other supporting industries."
The Townsville Port has recently been upgraded with $80 million of development including a dedicated cruiseship and defence terminal and $1.3 billion expansion project. The Port activities include $8 billion trade value to 241 trading ports and 42 countries and 721 vessel visits. (Port of Townsville Limited, 2014)
Townsville North Queensland has an estimated population of nearly 234,000 people with an average annual growth rate of 2.0% from 2003 to 2013. The projected 2036 population growth is forecast to reach 361,098 with 79 new residents per week moving to the City. The average age of Townsville citizens is age 34 years. Over 1 million visitors to the region spend over $662 million per year to the economy. Over 300 events are held each year including the V8 supercars Townsville 400 and the Festival of Chamber Music.
In the scope of the entire Townsville regional economy, real estate and renting services is the "castle rock" in a housing market that plays a signifant role in the overall economic activity of the City.
From an investment perspective, this economic contribution by the real estate and renting industry is an indication of the depth of resilience for property investors in a vibrant and growing region.
References:
Replan Economic Development Modelling
Townsville Enterprise Limited (TEL)
Herron Todd White Townsville in Focus, February 2014
Port of Townsville Limited, 2014
TEL Development Status Report, March 2014
Rapid Realty Townsville - www.rapidrealty.com.au
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