Why Townsville is Queensland’s Future Commercial Hub
As southeast Queensland bursts at the seams following a population boom and housing crisis, commercial attention is now turning to more spacious regional Queensland towns.
At the centre of it all is sunny Townsville, where affordable housing, diverse economy and population growth is quickly making it the future commercial hub of the state.
Townsville is now the largest regional city in Queensland with the population booming into the 200,000s. But despite the growth and plenty of pandemic-induced market volatility, the housing market has managed to remain affordable and inviting to newcomers and locals.
According to realestate.com.au, the median cost for a unit in Townsville sits around $360,000, which other than some dips and rises in the past three years, is about the same average cost it was pre-Covid. This is compared to southeast Queensland tourist hotspots including Noosa where the price has been on a constant rise since well before the pandemic, with the median cost for a unit now spiking to more than $1.6m.
The promise of new jobs in North Queensland will also continue to draw investors in, with the Albanese Government’s recent announcement of a $70m hydrogen hub set to open in Townsville.
Guidelines for The Townsville Hydrogen Hub were released this month with Prime Minister Anthony Albanese saying a thriving hydrogen industry in North Queensland was “critical” for the country’s overall renewable energy plan thanks to Townsville’s port facilities, workforce capacity, and proximity to Asian trading partners.
So, with all of this, paired with Townsville’s diverse, yet stable local economy based on education, health, state and federal employment, it’s no wonder all eyes are regional Queensland going forward.
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