As we approach the second half of 2015 the Toowoomba residential property market continues to experience an upswing. However, while the Toowoomba residential market has benefited from its location as the gateway to the Surat Basin, the reduction in mining activity and low energy prices may see a stabilisation of values in the residential market. This volatile industry activity aside, the hype surrounding the Brisbane West Wellcamp Airport and the proposed Toowoomba Range Bypass Road as well as low interest rates is likely to sustain development momentum and property enquiry for the time being.
For both stock on the market and sales recorded in the Toowoomba residential market, the sub $500,000 price bracket remains the most active. At present, the median house price recorded for Toowoomba has climbed to $357,500. While this is a new record and evidence of a firm consumer sentiment, the volume of sales recorded has decreased by almost 10%. Due to its affordability and broad market appeal to investors and owneroccupiers alike, this price bracket is likely to continue to represent the greatest portion of market activity.
There is a vast range of new and established dwellings currently for sale or recently sold for less than $500,000. For instance, the colonial dwelling with 3-bedrooms and 1-bathroom in East Toowoomba pictured below sold in January for $462,500.
Contrastingly, the near new brick dwelling with 5-bedrooms and 2-bathrooms in Glenvale pictured below sold for $425,000 in January.
While there is general demand across the board for properties for sale below $500,000, it is predicted that the owner-occupier dominated suburbs such as East Toowoomba, Middle Ridge, Kearneys Spring, South Toowoomba, Mount Lofty, Darling Heights and Rangeville will record a more stable growth pattern than new investor driven developments across Toowoomba’s western suburbs. For instance, East Toowoomba has recorded a steady median price increase of nearly 60% over the past decade, a trend which is expected to continue due to the amenity, established schools and other desirable attributes this suburb offers.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.