Toowoomba’s steady market to lure more buyers in 2016
TOOWOOMBA’S real estate leader says the city will continue to be an attractive option for investors and families, with a steady market on the cards for 2016.
REIQ Toowoomba zone chair David Snow said the region’s affordable prices, conservative market and major developments in progress would remain drawcards for buyers.
Mr Snow’s forecast for Toowoomba real estate comes as the latest Queensland Market Monitor report is released today.
The REIQ September quarter figures showed the median house sale price was $353,000 – a rise of 0.6% on the previous quarter – and sales activity was up 13%.
Mr Snow said the small increase indicated the properties sold were in the lower price range, while the prices reaffirmed Toowoomba as an affordable choice.
“Toowoomba is a great option for younger families as it is for older people who are retiring or who are close to retirement,” he said.
There were 497 house sales for the quarter and 119 acreage properties.
Newtown recorded the highest number of house sales with 37 properties, followed by 33 in Rangeville.
The September figures also showed there were 116 unit sales in Toowoomba during the quarter.
Mr Snow said while 2015 had not been as “exciting” as the previous year in terms of growth, agents had experienced good interest and sales activity.
He noted there had been a drop in rental vacancies and expected the market to tighten further in the new year – good news for investors seeking higher returns.
“In general terms 2016 will be steady as she goes – we won’t see major sales records being written but I don’t believe there are desperate days ahead either,” he said.
He said Toowoomba was an “outstanding regional city” to live in with projects such as the Second Range Crossing and QIC retail development in the CBD set to have a huge impact.
“The major investors have already voted in terms of confidence and we will reap the benefits of that in two to three years time.” – APN Newsdesk
| Toowoomba Chronicle, Brigid Simeoni |
