2022 begins with the velocity of last year’s stellar real estate run still coursing through the Toowoomba market. Nationally the pandemic phenomenon produced the biggest surge in median house prices since the 1980’s and a rare win for regional markets which outpaced the combined capital cities as buyers headed for wide open spaces. Locally the final figures are still being collated however it is clear the increase in median house price is in excess of 20%.
So what next? Price growth is beginning to moderate as more sellers come to the market buoyed by substantial gains and continuing strong buyer interest. The final weeks of November and early December saw over 100 new Toowoomba properties launched each week in the best sustained period of new listing action seen all year. Increased choice is allowing buyers a moment to breathe and consider in contrast to the frenzy of early Spring. Respected commentators are expecting nationally 7 or 8 percent growth this year and we would concur with that outlook for Toowoomba.
Surging rents and low vacancy rates are attracting increased interest from interstate investors who, aware of the major infrastructure spending, have tagged Toowoomba as that rare combination of great yield, consistent capital growth and market stability. We also anticipate that upgraders and downsizers who, while acknowledging the selling opportunity in 2021 felt concerned at the lack of options once sold, will be more active as availability improves.
Ray White Toowoomba auction clearance and bidder registration in our last four events was unparalleled in the agency’s history. Over 95% of property sold either prior to auction or under the hammer. Auction nights featured in excess of 50 registered bidders as intense competition propelled many properties to sell above reserve and set area records. See us now for details of those campaigns and how to help you with a great sale!!