July 3, 2019

Herron Todd White Valuers – Month In Review

As published by Herron Todd White Valuers

The Toowoomba property market is relatively affordable compared to many locations in Australia, therefore half a million can purchase a wide range of properties. The $500,000 price point comprises many different properties such as renovated older character homes within the established inner suburbs, original and renovated 1970s to 2000s brick homes in many suburbs, new houses in developing areas, and homes on larger acreage lots in close-by neighbouring suburbs.

With this month’s focus on the $500,000 price point, we have provided recent examples of property sales in this segment.

Below is a sale of a typical, brick circa 2000s home in the established area of Middle Ridge. This property sold for $510,000 and comprises a four-bedroom, two-bathroom dwelling with double garage.

As an investor you could typically get $400 to $500 rent per week.

An alternative for buyers seeking larger lots is represented by the sale of a modern three bedroom, two bathroom dwelling in the satellite suburb of Top Camp for $491,000. This property features a 3,684 square metre lot, playground and cubby house.

As an investor you could typically get $400 to $500 rent per week.

For those seeking older style character homes, this property in East Toowoomba sold for $500,000 and comprises a renovated four bedroom, two bathroom dwelling with an extended deck.

As an investor, you could typically get $400 to $500 rent per week.

Comparing these sales to sales of 12 months ago, half a million in the rural residential and renovated, older homes market is still getting you a similar quality dwelling. However, the market seems to have moved upwards in Middle Ridge and similar suburbs with $500,000 getting you an older, brick dwelling in original condition.

See below sale in Middle Ridge 12 months ago.

The $500,000 price point in Toowoomba and surrounding areas is well above the median house price which is around the $390,000 mark. Therefore, there are many areas across the region where homes can be secured at this price. Areas which may generate superior capital growth or resale appeal are likely to be concentrated in the eastern suburbs including Mount Lofty, East Toowoomba, Rangeville and Middle Ridge.

It is also possible to secure two dwellings at this price point in Toowoomba. Some older style detached dwellings (two to three bedrooms, one bathroom) in the western suburbs including Harristown, Newtown and Wilsonton are selling for between $200,000 and $300,000 and can provide strong rental returns. Two older style or even semi modern strata units can easily be purchased for under or up to $500,000, reflecting the affordability of the Toowoomba residential market.

Article by RE/MAX Success

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