Hi all, I'm hoping I might be able to get some input on...

Hi all,

I'm hoping I might be able to get some input on Townsville's property market. I'm looking to purchase my first home but Townsville is a strange beast to get my head around. While the rest of the country is looking at solid gains, Townsville seems to be dropping quite quickly with multiple mines closing.

One thing I have learnt with shares is to never try to pick the bottom and to look for low risk entries. Townsville's market is currently so low that its tempting to just jump on board, you can pick up a house for 180K and a decent one with a quarter acre 10 mins from the CBD for 250K! But as I've mentioned I'm nervous to try and pick the bottom.

Does anyone here have any advice or experience to share?

My situation is that I'm looking for an investment property to live in at least short term. I intend getting an interest only loan to free up capital and therefore need a low risk entry as I really don't want to be sitting on a loss when it comes time to sell!

Cheers!