Herron Todd White Valuers – Month In Review
As published by Herron Todd White Valuers.
Spring has traditionally been a great time to sell a house in Toowoomba. The annual Carnival of Flowers event in September is seen locally as the catalyst for a ramp-up in buyer enquiry as Toowoomba emerges from the cold, frosty winters and the influence of strong westerly winds. This year has a different feel as sales activity and buyer enquiry has been unseasonably strong.
The annual Carnival of Flowers event in September is seen locally as the catalyst for a ramp-up in buyer enquiry.
Residential vacancy rates are at a ten-year low and now sit below one per cent. Vacant land stocks have been absorbed and new home construction is set to boom between now and the end of 2020.
Sales activity is expected to remain buoyant over the next few months while the government stimulus packages are in place. There have been some examples of market leading sales which further support the strong market conditions. A custom designed, resort dwelling in Middle Ridge sold for $1.41 million in May.
A historical homestead in Newtown sold for $1.54 million in May. This sets a new price benchmark for the suburb and reflects the large lot size and historic property attributes.
The good start to the winter crop season across large areas of the Darling Downs may also have contributed to the strong market conditions. Primary producers are often active in the Toowoomba residential market when seasons are strong. A well-regarded private schooling sector is attractive to primary producers and Toowoomba is often viewed as a suitable location for retirement.