Nationally property prices have retreated from their peak highs however in Toowoomba strong buyer interest is holding house prices firm while unit prices continue to rise. Southern buyers continue to see value in our local market and other areas of Regional Queensland with an attractive price point, ultra low vacancy rates and a diverse economy driving confidence according to a recent CoreLogic report.
Demographers agree the Australian migration away from capital cities, which was identified as a trend more than 10 years ago, gathered pace during the pandemic and continues with strength into quality regional centres. Key factors in the green change movement include a commute of less than two hours to a state capital, highly developed infrastructure, evolving job market and family friendly lifestyle. Toowoomba offers all of this and far more which builds the resilience into our local real estate we are now witnessing.
Build to rent developers are very active in Toowoomba as surging rents, strong yields and relative affordability catch the attention of investment advisors and market commentators. We are being asked about the current return of interest rates to long term averages and note that reduced buying capacity is often an advantage for regional centres where the median house price is a huge $280 000 below the capital city average. Toowoomba Regional Council has also offered some incentives for higher density development which should produce new unit construction.
Living up to our registered trademark of Competition Creators, Ray White Toowoomba produced some phenomenal auction numbers last year. In a quick wrap of the 113 auctions completed in 2022 we generated nearly 500 bidders and close to 1000 bids in a campaign where price was uncapped and some stunning results achieved. Market leadership is something each and every one of the fifty Ray White Toowoomba team members is incredibly proud of and our commitment to take our service and customer experience to another level in 2023 is a guarantee.