Month In Review
As published by Herron Todd White Valuers
Toowoomba and surrounding suburbs have a very diverse range of housing types to suit a variety of home owners and investors. Typically, the more established areas in close proximity to the CBD consist mostly of older character timber and brick dwellings with housing type and design being more recent moving further out from the city centre. There does not appear to be a distinct preference for housing types or areas among home owners with many households having varying requirements and budgets. Older character homes close to the CBD always prove to be popular as do new brick homes in recent sub-divisions. Investors appear to gravitate toward newer housing, predominantly in newer areas at the fringes of the city, seeking lower maintenance and acquisition costs.
In the past five to ten years there has been a substantial increase in unit, townhouse, dual occupancy and small lot housing constructed in the immediate Toowoomba area. Attached housing and detached housing on small lots are tending to grow in popularity with home owners and investors, particularly in the older areas close to the CBD. The dream of having a big backyard appears to be changing. Many infill blocks have been subdivided into smaller lots or have had unit complexes or townhouses built on them. Recent subdivisions have also seen smaller lots come to the market offering anywhere between 180 and 500 square metres. Naturally, compact housing designs have been utilised to maximise the use of the land areas. Although the unit market is dominated by single residents and renters, the small lot and unit product appears to be gaining interest from all sorts of households including empty nesters looking to downsize, small families and first home buyers seeking affordability.
Despite tightened lending criteria and rising living costs making property ownership more difficult, there does not appear to be any significant changes in household composition (eg. accommodating more people under the one roof). This may change over time.
The Toowoomba region also has a strong rural residential market, ranging from acre lots to larger lifestyle properties capable of accommodating horses and cattle. These properties are almost exclusively owner-occupied.
Housing will continue to evolve into the future and we will most likely see a continued interest and supply of smaller housing with what appears to be a slowly changing mindset of larger housing and big back yards. As technologies and efficiencies increase in building products, we will continue to see an evolution in building materials and housing design. Below are some examples of different styles of housing throughout Toowoomba and surrounding areas.
- 4 Hamilton Drive, Vale View (Source: The home page.com.au) – Recent build with modern design and materials. Currently on the market.
- 86 Bridge Street, East Toowoomba (Source: RPData) – Circa 1900s build with colonial features sold on 24 February 2017 for $635,000
- 19 Carlin Street, Glenvale (Source: RPData) – Circa 2015 build on small lot with modern features sold on 11 December 2014 as vacant land for $123,500