Herron Todd White Valuers – Month In Review
As published by Herron Todd White Valuers.
Residential housing markets in Toowoomba and the broader Darling Downs region appear to be relatively stable and are operating within normal market tolerances. The demand for vacant land is booming due to the Federal Government new home construction stimulus package. Estates that had been carrying residual stock over the last two years are now fully sold with Developers reporting unprecedented demand for additional lots.
Estates in fringe suburbs such as Kearneys Spring and Cotswold Hills and satellite suburbs including Highfields, Kleinton, Gowrie Junction and Withcott are basically sold-out which has made it very challenging for first home Builders to enter the market.
The effects of Covid-19 were felt in March and early April however buyer inquiry appears to have returned to more normalised levels. Toowoomba is not heavily reliant on the tourism sector to sustain its economy and the previous closure of the Queensland border did not have a significant impact on the broader market in the region. Western Queensland businesses did feel the impacts of the loss of the ‘Grey Nomad’ tourism dollar over the normally busy winter travel period. The Darling Downs region is supported by the agricultural sector which has been performing well due to early summer rains.
Limited supply and a low interest rate environment have underpinned values in the higher price brackets and rural residential sectors. The investor market is less buoyant and trading steadily.