Herron Todd White Valuers – Month In Review

May 14, 2018

 

As published by Herron Todd White Valuers

Whilst other market segments in Toowoomba have been soft in recent times; the prestige sector has been performing strongly, particularly in East Toowoomba.

The prestige market for $1 million-plus properties continues to show signs of strong interest and sales results but is limited in supply. An analysis of all house sales recorded in the Toowoomba Regional Council area during 2017 reveals only 1.9% made the plus $1million sales. Units considered to be prestige exceeding $500,000 are also proving more desirable than previously; with retirees requiring lower maintenance properties in prestige locations.

Suburbs encompassing the prestige sector include Middle Ridge, Rangeville, Redwood, Prince Henry Heights, Mount Lofty and the stand out performer, East Toowoomba. These suburbs are located on the eastern escarpment of Toowoomba, enjoying large lots and valley views as well as being within many of Toowoomba’s private school catchment areas.

The typical prestige property comprises open plan 4 plus bedrooms, 2 to 3 bathrooms and multiple floor levels on large lots. They are generally large, highly renovated and/or extended older timber and brick homes, and modern architectural homes with detailed finishes, quality landscaping and most with escarpment views.

The prestige sector in Toowoomba also extends to rural residential properties. Many of these comprise large modern homes with extensive site improvements including shedding, stables, fencing, water storage and landscaping. With Toowoomba having a strong health sector, it is no surprise that medical professionals have dominated the prestige market in recent years and this trend is likely to continue.

Professional workers tend to occupy 53 has also proven to be a popular location attracting retirees from the broader south-west Queensland area.

At the last census, the proportion of 60+ year olds in Toowoomba was 23.6% versus 18.8% for Queensland and 19.6% for Australia. This demographic mix supports the health sector.