Herron Todd White Valuers – Month In Review
As published by Herron Todd White Valuers
Toowoomba’s housing market is defined by a wide variety of home owners. It sees a strong cross section of first time owners, families and retirees. The dominant demographic group is couples of varying structures with over 80 percent of the local population in a couple, with or without children. When examining the age profile of the Toowoomba region, it is apparent that young adults are often exiting the region and returning in their 30s and 40s to raise a family.
The eastern suburbs including Rangeville, Centenary Heights and Middle Ridge are popular with families, often replacing the traditional retiree demographic. East Toowoomba and Mt Lofty are popular with more affluent families as well as empty nesters.
Over the past five years or so, there has been an increase in international buyers who have relocated to Toowoomba to capitalise on the employment opportunities in the government, public and private health sectors and the education sector. These buyers have tended to seek out new dwellings in the developing areas of Middle Ridge and Kearneys Spring.
First home owners are well catered for in Toowoomba, with entry affordable housing available in the inner and outer western suburbs including Newtown, Glenvale, Wilsonton, Rockville and Harlaxton. These areas are experiencing a strong level of renovation works. First home buyers may experience difficulties entering the market within the desired eastern suburbs and often have to resort to secondary locations to enter the market.
As at the 2016 census, Toowoomba had a higher than average level of couples without children, a factor further encouraging a greater level of small lot construction and an influx of retirement village product.