Herron Todd White Valuers – Month In Review
As published by Herron Todd White Valuers
The median sale price for houses in the Toowoomba region has remained relatively stable over the past twelve months. As at October 2018, it was sitting at approximately $375,000 with small fluctuations from November 2017. The median sale price for units in the Toowoomba region has declined over the past twelve months. As at October 2018, it was sitting at $285,000, a $10,000 decline from November 2017. With this month’s focus on the median price point for houses and units, we have provided recent examples of property sales in this segment.
Below is a sale of a home in the western suburb of Harristown. This property sold for $375,000 and comprised a recently renovated four bedroom, two bathroom dwelling with a single garage.
In comparison, $377,000 in the eastern suburb of Rangeville will get you a 1980s home with original fixtures and fittings comprising four bedrooms, two bathrooms and a carport.
It’s a similar outcome with units (including townhouses and villas). Below is the sale of a villa in the western suburb of Newtown. This property sold for just above the median unit price at $290,000 and is only two years old with two bedrooms, two bathrooms and a single garage.
In comparison, $280,000 in the eastern suburb of Rangeville will get you a two bedroom, one bathroom, single garage townhouse with original fixtures and fittings.
The western suburbs of Toowoomba provide a better quality product at the same price point, however these properties are considered to be in inferior locations compared to the eastern suburbs of Mount Lofty, East Toowoomba, Rangeville, Centenary Heights and Middle Ridge.
The Toowoomba market may be described as multi-speed at the moment. The eastern suburbs are generally performing better than the suburbs west of Ruthven Street. Higher priced established properties in the eastern suburbs appear to be enjoying strong interest from owner-occupiers (third and fourth home buyers), while interest in the western suburbs, which largely appeals to first home buyers and investors has softened.
Investor wise, a four bedroom, two bathroom dwelling in Harristown would typically lease for less than $400 per week, while a dwelling with similar accommodation in the eastern suburbs would usually lease for anything above $400 per week. This further highlights the difference in demand between the eastern and western suburbs of Toowoomba.
We are seeing an increase in interest for smaller older dwellings in established areas close to the CBD, including the western suburb of Newtown. The fringe CBD areas are gentrifying and are underpinned by a range of council initiatives, including the Railway Parklands Priority Development Area Development Scheme.