Herron Todd White Valuers – Month In Review
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 price point for homes in these areas is around $500,000 to $600,000, and for units around $300,000 to $400,000.
Below are some examples of these typical price points.
A modern dwelling at 4 Pugh St, Middle Ridge sold for $591,000 in January 2019.
A tidy villa at 1/178 Mary St, East Toowoomba sold for $380,000 in October 2018.
Price points for absolute entry level properties in these prestige areas range from about $200,000 to $300,000 for dwellings and $100,000 to $200,000 for units. The biggest compromises with these properties from the typical properties in these suburbs are: location (usually situated on arterial roads or thoroughfares); age of dwelling; and condition of dwelling. The age and condition of a property isn’t a huge compromise when you can renovate and restore the dwelling to a more desirable quality, however location cannot be changed and the difference between a quiet suburban street and a busy thoroughfare is a compromise many buyers are not willing to make.
Below are some examples of entry level properties in these prestige suburbs.
An older style, original condition dwelling at 74 James Street, Rangeville located on a highway sold for $230,000 in September 2018.
A semi-modern, original condition dwelling at 224 Stenner Street, Middle Ridge located on a busy thoroughfare sold for $217,500 in September 2018. (source: realestate.com.au)
Located on a quieter street, however close to the highway, it comprises an older style, original condition unit at 6/5 Murlali Court, East Toowoomba. Sold for $157,500 in July 2018.
An older style, original condition dwelling at 70 North Street, Mount Lofty located on a busy thoroughfare sold for $269,100 in July 2018. The medium and long-term prospects of buying property of this nature are hard to determine. The Toowoomba market has continued to be multispeed and property specific. The Toowoomba Second Range Crossing will be completed later this year and will reduce the amount of heavy vehicles travelling through the city and should reduce noise and odour issues for properties on or near James Street (Warrego Highway). The market effect will take some time to identify. There has been little consistency and the variations in sale prices and buyer interest make it difficult to establish well performing suburbs and specific property types.