Developers tilt toward FNQ
Although southern Australian property markets are cooling, developers in North Queensland are still searching for sites and have lined up projects worth more than $1.8 billion. The construction activity comes as the latest data show property values in the region are still rising. In the March quarter Cairns house price rose 6.5 per cent and unit prices were up 3.7 per cent. In Townsville, unit prices rose 15.6 per cent and the median house price increased by 2.7 per cent. North Queensland is experiencing continued population growth with Cairns recording a 2.4 per cent rise in the 12 months to June 2003 while Townsville's population is growing about 2 per cent a year.