The month in review: Toowoomba
By Herron Todd White
September, 2009
Sale statistics indicate that sales volumes in Toowoomba have generally been declining since 2003 to a low in 2008
with an increase more recently in 2009. The majority of
residential sales in Toowoomba are under $500,000 with
only around 5% of sales above this level.
The factors which have influenced the local market have
generally been;
• The announcement of the restructuring/reduction of
the First Home Owners Grant,
• Low interest rates,
• Housing affordability,
• Low unemployment,
• Strengthening in the agricultural/mining/energy
sector,
• Increasing availability of builders for renovation and
extensions.
It is considered that these factors will continue to have a
positive affect on our performance moving forward.
Recently the market under $350,000 has been strong,
with the $350,000 to $500,000 price range considered to
have levelled off. Property above $500,000 is showing a
possible softening in values and volumes.
The following examples show some individual scenarios;
A modern house in Rangeville recently sold for $550,000
after a 9 month marketing campaign and was originally
purchased in 2006 for $591,000.
A small character house in North Toowoomba recently
sold for $235,000 after a 6 week marketing campaign
and was originally purchased part renovated in 2003 for
$135,000.
Historically the eastern suburbs are the better performers
where this year Rangeville and Mount Lofty have shown
good growth. Overall the Toowoomba market continues
to strengthen after a bottoming out in sales volumes
in 2008. This growth and strength in our market has
generally been underpinned by affordable housing and supported by the growth in our agricultural / mining and
energy sectors.
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