TOP-END property values might have been rattled by the share market meltdown but there are now signs that a recovery is on its way.

National property research firm RP Data has found that top-end property prices bottomed out in March before starting to lift in line with the market's more affordable bracket.

However, the research shows the median price for the top 20 per cent of Australia's most expensive housing still remains more than 8 per cent lower than at the peak of the market in March 2008.

While some experts are divided about the property market's short-term outlook, most agree that there has hardly been a better time to snap-up luxury homes at competitive prices.

In Townsville, some of the most exclusive and expensive pockets of housing lay in suburbs close to the city, The Strand and suburban riverfront or acreage precincts.

ReMax Excellence agents Lyn Griffiths and Rohan Banning said luxury home buyers were being cautious with their money after the share market's biggest collapse in a generation.

"Obviously there have been many unforseen financial issues both in Townsville and globally that has slowed interest in the top-end property market," Ms Griffiths said.

"Speculation of a recession and huge losses on the share market has led a lot of people to sit on their hands instead of jumping into a million dollar purchase.

"But market confidence is returning since both the share market and property market have made slight recoveries over the past month or two.

"If buyers have the means to comfortably service a mortgage for a top-end property, it would be hard to imagine a better time to secure a home at a competitive price."

While Yarrawonga is Townsville's leading suburb when it comes to sales of over $1 million, The Strand and neighbouring Mitchell Street have also accounted for more than 20 sales with seven-figure price tags since 2004.

Mr Banning said that figure would continue to grow following the completion of the Breakwater's Mariners Peninsula apartments and associated beachfront homes.

"Despite all that has happened to the regional economy and in particular, the mining industry, Townsville is still maturing and it has all of the foundations for future economic growth," Mr Banning said.

"There is little doubt that the booming mining and construction sectors fuelled top-end property sales over the past few years as confidence was soaring.

"And while those sectors have come off the boil, economists expect both industries will recover and once again become major drivers of the north's economy."