What’s Happening
Toowoomba’s property market experienced a significant surge in the first months of 2024, with the city recording notably strong sales at the higher end of the market.
According to Marissa Griffin, director of Herron Todd White’s Darling Downs branch, property prices across Toowoomba continued to rise, with an unexpected number of $1 million-plus sales in the past six months.
Big Numbers
“The most surprising aspect of the first half of 2024 is the level of sales activity across Toowoomba, particularly in the executive and premium market segments ranging from $1 million to $1.999 million, $2 million to $2.999 million, and the prestige market segment (above $3 million),” Ms. Griffin wrote in the July edition of HTW’s Monthly Review.
Best Suburbs
The most sought-after suburbs include Middle Ridge, Rangeville, Mount Lofty, and East Toowoomba, known for their established homes, scenic views, and proximity to modern conveniences. Recent sales highlights include a five-bedroom, two-bathroom home on 1074 sqm at 8 Dalston Court, Mount Lofty, which sold for $1.525 million, and a five-bedroom, four-bathroom home with views at 90 Tourist Drive, Rangeville, which sold for $2.25 million.
What They Said
“When you think of prestige, 136 MacKenzie Street, East Toowoomba comes to mind,” she said. “This is a tastefully renovated and restored four-bedroom, four-bathroom dwelling with accommodation for seven cars, situated on a 2004 sqm allotment. The property also features an inground pool and a full-size tennis court and sold for $3.8 million in March 2024.”
Ms. Griffin noted the limited supply of new stock entering the market, which continues to support home prices throughout the region. “The median home value in Toowoomba has steadily risen over the previous 12 months, as has the median value of residential units. With minimal vendor discounting and in some market segments, vendors increasing their price expectations, properties are spending limited days on the market if priced and marketed appropriately,” she said.
In the inner ring suburb of Newtown, there were 170 sales in the 12 months leading up to May 2024, with a median dwelling price of $500,000, an increase of 11.4% from the previous 12 months. Kearneys Spring, located in the middle ring, recorded 80 unit sales in the same period, with a median unit price of $406,500, reflecting an increase of 18.9% and an average rental yield of 5.6%.
“The relatively common availability of such strong yields on residential properties in the general Toowoomba area remains a key driver of demand for investors, both local and non-local,” said Ms. Griffin. “Generally, the average days on the market for units in Kearneys Spring is a notable 30 days.”