Who’s Buying Property In Toowoomba?
Beautiful homes at reasonable prices means Toowoomba’s property market truly has something for everyone – from first-time buyers to seasoned investors.
And as one of the biggest real estate groups in the area, we have first-hand insight into who’s buying property in Toowoomba and what’s attracting them to this stunning part of Queensland.
Here’s what we’ve seen happening in the market lately.
First home buyers
Despite climbing prices over the past eight years or so, homes in Toowoomba are still relatively affordable, with the median house price sitting at $370k. This is often the perfect entry point for young buyers, who can comfortably purchase a 3-bedroom house with ample yard space to allow for the needs of a future growing family. This 3-bedroom family home we sold recently for $320,000 is the perfect example.
Realestate.com.au data says that 17% of buyers in Toowoomba can be classified as “independent youth”, just further proof that there are young first-timers out there looking for a great property. Units are another excellent option for this group, as apartments are often very affordable and well-located. Units only make up 6.4% of housing stock here according to 2016 Census data, but we often have great apartments listed like this 1-bedroom that we listed for $159,000.
Like the rest of the country, Toowoomba hasn’t seen much investor activity lately thanks to tightened lending conditions. But this means there are plenty of opportunities to snap up a strong investment while competition is at a low. Great infrastructure equates to solid growth and there’s a lot of development underway here in Toowoomba waiting for investors to capitalise.
The Second Range Crossing is one of a few improvements to our roads that will make it easier for commuters, translating into a big drawcard for local renters, while the direct train to Brisbane Airport attracts those travelling a lot for work or leisure. Urban renewal projects like the Toowoomba City Centre Master Plan and Green Infrastructure Plan also indicate excellent growth happening across Toowoomba that’s sure to bring in more renter demand.
It’s safe to say the majority of Toowoomba buyers are growing families looking for their next property. We often see these established homeowners looking for bigger properties to accommodate their changing families. The 2016 Census data shows that 31% of Toowoomba properties have 4 bedrooms or more, meaning there are plenty of opportunities to find a home with enough space for the whole family. Extra living areas, double garages and a location in the heart of the city are all things that appeal to families with teenagers, like this four-bedroom we sold a few months ago. Access to good transport options is key for these properties too, so kids can get to school, part-time jobs and social activities.
Larger houses are important when the family home is full, but those extra bedrooms aren’t as necessary when the kids leave home to start their own lives. “Mature and Established Independence” is the top category on realestate.com.au, making up 18.1% of all buyers and proving that there’s a clear market for downsizers here in Toowoomba. Smaller houses or townhouses with two or three bedrooms are popular for this group or a larger apartment like this modern two-bed two-bath due for completion in December 2019.
Looking to buy or sell in Toowoomba? There’s an opportunity for everyone.
Contact our professional team today.