Herron Todd White Valuers – Month In Review
As published by Herron Todd White Valuers.
Many first home buyers have been eligible to qualify for the grants introduced by government stimulus packages designed to increase construction activity. Accordingly, the dream of
owning a brand-new home has become a reality for a number of those lucky enough to have secured land in the face of strong competition for the limited available lots in the Toowoomba
Toowoomba has always offered very affordable entry points for first home buyers with dwellings and units available in the sub $300,000 price bracket. Here is an example of a recent sale of a three-bedroom dwelling in South Toowoomba which sold for $230,000.
Toowoomba offers many such houses which have renovation potential with first home buyers often attracted to these affordable dwellings for that reason. Since the property boom commenced around the middle of 2020, competition for these dwellings has been strong given investors have re-entered the market. As a result, prices are on the rise.
With up to $45,000 available in grants to some eligible first home buyers, there has been a high level of enquiry for vacant land across the region. The challenge has been finding a suitable lot and a builder with the capacity to accept new construction contracts.
There has also been a re-emergence of demand for new units from first home buyers. New unit construction activity had been slow for a period of about five years until recent demand has seen development activity recommence.