August 7, 2019

Herron Todd White Valuers – Month In Review

As published by Herron Todd White Valuers

Being one of the more affordable regional locations in Australia, Toowoomba and surrounding suburbs offer an opportunity for many different types of home owners. With various industry and job opportunities, a central hub location, a diverse property market and varying segments, there are many different home owners, whether first home owners, families, upgraders, renovators or prestige buyers.

Older, smaller property in need of some TLC remains popular with first home buyers as they offer a blank canvas opportunity to add value and are at a much lower price point than a brand new larger house in a newly developed area. Many of these properties are located in the western suburbs and close to the CBD.

Below is an example of a 1950s property in the fringe CBD suburb of Newtown that sold in March 2019 for $222,500. The property is situated on a 615 square metre lot providing three-bedroom, one bathroom accommodation in original condition.

Families generally seek slightly different properties to the first home buyers, with a focus on more space (ie. four bedrooms), bigger back yards and close proximity to schools. This type of housing is found throughout Toowoomba, Highfields and Westbrook, generally in the sub-$600,000 segment.

Below is an example of a circa 1900s, renovated, property in South Toowoomba that sold in October 2018 for $580,000. The property is situated on a 1,093 square metre lot providing four-bedroom, two-bathroom accommodation and located within 500 metres of Centenary Heights State High School.

Renovation has always been popular in the Toowoomba area with the market dominated by owner-occupiers. The market for potential renovation projects is quite broad across the area. Older character style homes in the circa 1900s to 1940s range have always seemed popular to buyers looking for a renovation project. These homes are predominantly character timber with detailed decorating throughout, high ceilings, timber floors and VJ walls. The majority of this product type will be found in close proximity to Toowoomba’s CBD in areas such as South, East and North Toowoomba and Newtown.

Below is an example of a circa 1930s property in original condition in East Toowoomba that sold in December 2018 for $425,000.

Suburbs encompassing the prestige sector include Middle Ridge, Rangeville, Redwood, Prince Henry Heights, Mount Lofty and East Toowoomba. These suburbs are located towards the eastern escarpment of Toowoomba, some enjoying larger 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, highly renovated or extended older timber and brick homes, and modern architectural homes with detailed finishes, quality landscaping and some with escarpment views.

Below is an example of a property in Redwood that sold in July 2018 for $1.25 million. The property is situated on a 1,722 square metre lot, providing four bedroom, three bathroom accommodation featuring open plan living, a modern kitchen and Lockyer Valley views to the east. The property is located within 700 metres of Toowoomba Anglican School and Fairholme College.

Article by RE/MAX Success

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