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Toowoomba Surges towards House Price Milestone

By Andrew Carter

Demand for Toowoomba property has shown few signs of slowing in 2022. Predictions of price growth moderation is clearly identifiable in capital city markets with Sydney now levelling off and Melbourne following close behind. Locally however the price upswing, which began in September 2020 with the median city house price at $360 000, powers forward and a $500 000 median price marker now looks within reach.

Who is buying? A robust combination of first home buyers, motivated by accessible finance and payment of rapidly rising rents, are in competition with investors attracted by the regional infrastructure outlook, diverse local economy and attractive price point with strong returns. Green change buyers are also choosing the Garden City for their family and recent sales in higher value markets have provided this group with expanded budgets.

Equally important in this equation is a persistent short supply of Toowoomba property unable to adequately meet buyer interest thus far in 2022. Change may be on the horizon however with Sydney a leading indicator. Prospective vendors in Australia’s biggest real estate market are now flocking to sell in the ever-growing belief that the window for ideal conditions is closing. Recent comments in the Reserve Bank of Australia meeting minutes regarding a sooner than forecast rise in interest rates are the key motivator in their haste to list.

Domain Group has reported the phenomenal growth of sellers selecting auction as their preferred strategy. Sydney and Melbourne have long been auction dominated markets and are now joined by Adelaide, Canberra and Brisbane where vendors are 3 times more likely to opt to auction their homes than they were 10 years ago. Buyers in our local market have reported great frustration with the lack of transparency in the frequency of multiple offer situations and sellers are keen to deal with finance pre-approved buyers thus ensuring the stress of a terminated contract is avoided. Ray White Toowoomba is the clear market leader in auctioning local property and we are here to help.

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