The median house price in Toowoomba increased 0.6 per cent to $315,000 over the June quarter.
Over the year ending June, Toowoomba also posted a median price growth of 4.5 per cent. When you consider results over five years, the region also performed particularly well with a 17.2 per cent increase in its median house price over that period.
According to local REIQ accredited agents, the market is continuing to improve with demand increasing. There are also reports of some multiple offers taking place.
The predominant buyer type is upgrading owner-occupiers with the $500,000 to $600,000 price range doing well.
Investor activity is remaining robust due to the strength of the Toowoomba rental market. Demand for investment properties is coming from local investors as well as buyers from interstate.
First home buyer activity remains relatively subdued.
The median unit and townhouse price in Toowoomba increased 4.2 per cent to $255,250. The most number of sales were recorded in Kearneys Spring which posted nine preliminary sales and a yearly median unit price of $253,500.
According to local agents, the region’s unit and townhouse market remains undersupplied with any new stock sold very quickly.
Outside of Toowoomba, demand for more affordable unit stock in Chinchilla has pushed its median unit and townhouse price up by 151.8 per cent in five years.
A recent announcement by the State Government also means that the risk of raging floodwaters carrying away cars and smashing shops in Toowoomba’s city centre will be reduced with the fast-tracking of cash to fix the Goggs Street flood zone.
More than $1.8 million was recently announced to go towards Goggs Street drainage infrastructure upgrades, as part of the State’s flood plan.
In the 2011 extreme flood event, 17 businesses in Goggs Street went under as water raced down the street and into West Creek. Almost 100 homes in the catchment were damaged and 37 businesses including a medical centre were flooded.
The $4.59 million Toowoomba Regional Council project will build a new 162-metre stormwater pipe to replace the existing drainage system.
Rental demand in the Toowoomba region has eased, recording a vacancy rate of 1.8 per cent as at the end of June. Several agents had commented that it is a traditionally slower time of year but that the rental market is believed to have not been affected by mining activity. The region, together with Cairns, has the tightest rental market across the State as at the end of June.
According to the Residential Tenancies Authority, the median rent for a three-bedroom house in Toowoomba increased from $280 per week in June 2012 to $295 per week in June 2013.
The median rent for a two-bedroom unit increased from $215 to $230 over the same period.
The majority of bonds lodged for three-bedroom houses and two-bedroom units were both in Kearneys Spring.