This week’s winner – Unit 2/320 Stanley Street North Ward
This week’s residential property Top Price Winner of the Week features gorgeous panoramic views of Townsville’s iconic coastline, Magnetic Island and just a short walk to The Strand in North Ward.
This property is a 3 bedroom apartment in a unit complex comprising a total of three dwellings.
The property is nestled in the elbow of Castle Hill and the Strand facing those glorious Coral Sea sunrises while feeling dwarfed by the majestic appeal of Castle Hill. The afternoon shade from which voluntarily tempers the tropical sun and naturally cools the ocean breezes.
This North Ward property presents such a beautiful outlook of Townsville’s entertainment and tourism precinct. With elevated views like this, the posture of the unit brings excellent street appeal and a sense of open space with the convenience of community living.
Watching over Magnetic Island and the more distant Palm Islands in the Coral Sea, ships of trade, and charter and recreation boats in the bay, romantic sunrises and endless sunny days, who else can think of a better way to share conversations and an icy cold beverage on a hot summer’s day?
This 200m2 beauty is 0.5 to 1 kilometre from two of Townsville’s most prestigious Catholic schools and just a short 5-10 minute walk to the heart of Townsville City where you can feast on the culture, markets, boutique retail and convenience shopping, great cafes and restaurants of the Capital of North Queensland.
The property sold for $620,000, well above the median price for 3 bedroom units in North Ward which are currently sitting at $484,500. The median price for all classes of units in North Ward is $250,000.
But what is even more impressive for the sales agent Mr. Dean Dank from Explore Property and the vendor, is the fact that the unit exceeded the median price for houses in the suburb by $120,000. House price medians are currently $500,000 for North Ward.
TREN caught up with Mr. Dank who said “this was the second unit he sold in the complex this year. Sales have really picked up in the past 12 months.”
The property
Mr. Dank described the property stating;
The property was “Chic urban living at its finest with over 200sqm of living space. Situated in a complex of only three apartments and occupying the entire 2nd floor, it is exceptionally spacious and beautifully presented.
“It was impeccably built for streamlined open plan living, set against a magnificent 360-degree backdrop with mesmerising views from the magnificent Castle Hill rock face, with the iconic Saint, across and out to Magnetic Island and beyond.
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| Image: Views from dining area at 2-320 Stanley Street North Ward Top Price Winner of the Week Photo: Explore Property |
“This unit is tastefully decorated with crisp white tones and featuring modern gray highlights throughout. The large entertainers’ patio off the main living zone offers outstanding views just waiting for the next dinner party or maybe MKR filming.
“The property features 3 bedrooms, main with ensuite and WIR, 2 large open plan living areas both with breathtaking views to Magnetic Island and a large external lockable storage area for your convenience.
The property also features:
– 2nd level apartment
– three bedrooms
– two bathrooms
– two garages
– Fully air-conditioned
– Built-in robes throughout with walk-in robe to master
– Entertainment terrace with luxurious views
– Juliette balcony off the master bedroom
– On-site swimming pool
– three bedrooms
– two bathrooms
– two garages
– Fully air-conditioned
– Built-in robes throughout with walk-in robe to master
– Entertainment terrace with luxurious views
– Juliette balcony off the master bedroom
– On-site swimming pool
“Access to the property is made easy with a glass-fronted lift from the secure undercover 2 car garage to your front door.
“This unrivalled property is located in one of Townsville’s most distinguished apartment buildings within a stroll of the area’s chic boutiques, shops and celebrated eateries.
“It is positioned a walk to city transport and boasts rapid access to the CBD.
“As the first and last word in luxurious urban living, this apartment complex seamlessly brings together an outstanding residence hosted by an iconic Townsville location.
Investment profile
The suburb of North Ward is one of the most prestigious suburbs in Townsville with an average annual income of $1,325 per week and a population of 5066 based on the 2016 Census.
The suburb has a current median house price of $500,000, while just twelve 12 months ago, recorded a median house price of $651,000.
North Ward has a greater number of unit dwellings than there are houses.
The number of unit sales over the past 12 months (till Dec 2016) is 103 units while house sales reached just 43 in total for the same period.
75.7 percent of dwellings in North Ward are apartments, flats, townhouses or semi-detached units. 24.4% of dwellings have 3 bedrooms with 1.9 people per household (2016 Census).
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| Image: Views from lounge area at 2-320 Stanley Street North Ward Top Price Winner of the Week Photo: Explore Property |
Achieving a sale price of $620,000, the weekly top price property at Unit 2/320 Stanley Street will impact the median sale price for the area as it is $122,000 above the current median sale price for 3 bedroom units, and $380,000 above the median unit price overall for the suburb.
The Townsville market is showing signs of a recovery on the back of increased business confidence, development stimulation and industry investment.
In the context of Townsville’s subdued prices over consecutive years, this prestigious lifestyle property presents an excellent investment opportunity in an area recently highlighted by the Pure Projects tourism branding report for development. Pure Projects recommended the development of a massive infinity pool on the Strand a short walk from this property.
Driven by a clear investment strategy of location, location, location, this elevated villa apartment is close to metropolitan infrastructure and significant public attractions. It was purchased for its lifestyle value and investment potential.
The vendors purchased the property in October 2009 for $785,000. This sale has seen a capital loss of $165,000 in 8 years. However, since June 2015, the property has been rented for approximately $465 per week.
Historically, the property has been sold in May 2008 for $880,000, again in June 2003 for $430,000, again in December 1999 for $345,000 and originally as a first generation property for $350,000.
Over the past 12 months, the median 3-bedroom unit price in North Ward has increased by 6% from $455,000 to $484,000. Over the past 5 years, the suburb has experienced an 11.8% increase in 3 bedroom unit prices defying the trend across the greater Townsville area.
Between June 2016 and May 2017, a total of 24 three bedroom unit sales have occurred in North Ward compared to 96 unit sales and 43 house sales in the same period.
The rental median price for 3 bedrooms units in North Ward is $231 per week, whilst all unit classes are attracting a median of $137 per week. Units have a 12-month median rental price of $198.00 per week. Meanwhile, the 2016 Census identified the average weekly rent paid for all dwelling classes in North Ward, including houses, was $280 per week.
The rental yields for 3 bedroom units in North Ward are 4.7% with 66 units being tenanted over 12 months. All classes of units over the past 12 months have achieved a yield of 5.4% from 503 units tenanted. Houses are achieving a rental yield of 3.6% from 76 properties tenanted.
The demographic profile of North Ward is a mixed market but predominantly older or maturing independents. 23.4% are maturing and established independents, 20.4% independent youth and 11.3% established couples with families, while 21.6% are older independents or couples with families and 23.5% are elderly or young couples with children.
Originally known as Cleveland Bay, North Ward was first settled in 1864 and was the first suburb of Townsville to attract the botanic gardens (now Queens Gardens) in 1867, the first schools at Central primary school and St Josephs Catholic School in 1873 and the defence barracks at Kissing Point in 1880.
The first Townsville jail was established in North Ward at Queens Gardens and the primary school in 1878. The first public hospital was built in Townsville in 1881. Both of which are heritage listed. The old hospital wards are now privately owned apartments.
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