Christie Anderson
First published 2 Apr 2018, 2:22pm
Sally Elliott at a home for sale in Yarrawonga Drive, Castle Hill. Picture: Evan Morgan
CASTLE Hill’s stunning views, luxury homes and multimillion-dollar property deals have long cemented it as Townsville’s most exclusive suburb.
But Australia Bureau of Statistics data show it is also one of Queensland’s most advantaged suburbs, ranked fifth in the state, with a weekly median household income of $2954.
The ABS’s Social Economic Index for Areas ranks areas according to socio-economic advantage and disadvantage based on 2016 Census data.
Castle Hill’s proximity to exclusive private schools, The Strand and CBD, combined with ocean views, has proved a lure for Townsville’s upper echelon dating back to the 1970s.
Smith and Elliott principal Sally Elliott said Castle Hill offered the ultimate North Queensland lifestyle.
“It’s what living in the topics is all about and Castle Hill offers so many different views,” she said.
“You have proximity to Townsville Grammar School, you’re close to The Strand and the city.
“A lot of Townsville’s early business community invested in Castle Hill from the 1970s onwards and a lot of people who live there now are either original owners or have upgraded from the bottom of Castle Hill to the top.
“Castle Hill has really been driven by the older doctor, dentists and local business people investing there.”
Ms Elliott said she had sold multiple homes for well over $1 million in the suburb during her career and now lists 37 Yarrawonga Drv for sale which is expected to fetch a premium price.
Castle Hill’s median house sale price in 2017 was $952,500, a stark contrast to the Townsville-wide median of $337,5000.
The median rent is $650 during 2017 compared to the Townsville median of $315.
According to Core Logic the median age of residents living in Castle Hill is 45 and while weekly median household income is high at $2954 per week, mortgage repayments are also high at $3000 per month.
Regional economist Colin Dwyer said due to Castle Hill’s small population the data was concentrated on a small affluent area when compared to larger suburbs like Kirwan.
“It is quite a high income location and it’s an area that is concentrated with 389 buildings,” he said.
“Castle Hill has fantastic views over the Coral Sea and out to the islands and that view really attracts people.
“It’s also close to work with the CBD close by and it’s close to entertainment facilities, it’s near The Strand and it will also be close to the new stadium.”
