The property at 30 Love Lane, Rosslea, sold for $470,000 on August 1. Picture: realestate.com.au

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Home prices in Townsville have continued to rise with the latest data showing value growth for the quarter and the year.

The latest PropTrack Home Price Index found the median dwelling price in Townsville increased 3.45 per cent in the July quarter to $464,000.

This was 21.48 per cent higher than July 2024.

The report showed Townsville house prices were up 3.68 per cent for the quarter and 22.87 per cent for the year.

Unit prices were up 1.07 per cent in the three months to July and 8.74 per cent year-on-year.

PropTrack senior economist and report author, Paul Ryan said in wider regional Queensland, home prices rose by 0.1 per cent in July to reach a new record and were 11.2 higher than a year prior.

PropTrack senior economist, Paul Ryan. Picture: Supplied

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Mr Ryan said in Brisbane home prices reached a new peak in July, having increased 0.34 per cent over the month to sit 13.93 per cent higher than July 2023 levels.

“Home prices in Brisbane are up 22 per cent since the start of 2022, supporting strong growth in more affordable markets such as Ipswich and Logan-Beaudesert,” he said.

“Since the pandemic onset in March 2020, prices have surged in Brisbane and regional Queensland, increasing by 72.2 per cent and 72.9 per cent respectively.”

The PropTrack report showed nationally, the median home price increased 0.08 per cent to a peak of $795,000 in July.

This was a 6.3 per cent increase on the July 2023 median.

“National home price growth persisted in July, albeit at a slower pace given the seasonally quieter time of the year,” Mr Ryan said.

“Price conditions across the country remain diverse.

“Melbourne has posted further price falls, and regional markets saw the first price drop since 2022.”

The home at 50 Riverwood Drive, Idalia sold for $655,000 on August 1. Picture: realestate.com.au

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Mr Ryan said by contrast, Perth, Adelaide and Brisbane carried on posting strong price increases, up 0.88 per cent, 0.58 per cent and 0.34 per cent respectively, with growth in Sydney, up 0.12 per cent, persistently defying affordability pressures.

“Strong housing demand pushed prices higher, despite more homes being listed in what is a higher interest rate environment,” he said.

“Slow construction activity, above-average income growth and July’s tax cuts are clearly contributing.

“Further home price growth is expected over the coming months … however, the pace of price growth is likely to remain modest as uncertainty about interest rates constrain buyers’ budgets.”