November 6, 2019

Herron Todd White Valuers – Month In Review

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 2018 reveals only 7.5% made the $1 million plus price point. Prestige units exceeding $500,000 are also proving more desirable than previously, with retirees showing a preference for 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, four-plus bedrooms, two to three bathrooms and multiple floor levels on large lots. They are generally large, extensively renovated or extended older timber and brick dwellings and modern architectural homes with detailed finishes, quality landscaping and some with escarpment views. Below are some examples of the higher priced sales in the region in 2019.

3 Arthur Street, East Toowoomba

Six bedroom, three bathroom, four-car garage dwelling situated on a 3,338 square metre block featuring a tennis court, swimming pool, granny flat and multiple living areas. The property sold for $2.35 million in February.

15-17 Karaview Court, Rangeville

The dwelling is situated on a 4,000 square metre lot facing north with valley views and comprises four bedrooms, two bathrooms and a two-car garage featuring a tennis court, swimming pool and multiple living areas. The property sold for $2.025 million in March.

Unit 23/14-16 Cottesloe Street, East Toowoomba

This unit is situated on the tenth floor of Cottesloe Crest with a north to east aspect and extensive rangeside views. The unit comprises four bedrooms, two bathrooms and two basement car parks with approximately 178 square metres of living area and 29 square metres of outdoor area. The unit sold for $900,000 in March 2019.

There are a handful of current listings above $1 million in the Toowoomba region. The higher priced properties are listed below:

56 Spring Street, Middle Ridge – $1.99 million asking price.
10 Golf Course Drive, Middle Ridge – $2.25 million asking price.
12 Mayes Street, East Toowoomba – Interest from $2.75 million (under offer).

Article by RE/MAX Success

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