Want to know where the Toowoomba Market is headed?
After a fast start to the year we thought we would recap what has happened so far and cast our eye forward over the year ahead.
One month into 2017, Toowoomba is shaping up to be an interesting property market. In January our office experienced strong sales enquiry with 31 contracts secured for the month. There is certainly buyer confidence with the hive of infrastructure and residential projects currently underway.
Toowoomba is the focal point for numerous major infrastructure projects including the Toowoomba Second Range Crossing, the potential expansion of the Stage Two Acland Coal Project and the completion of the Grand Central Shopping Centre. Despite these projects we expect the values of property in the residential market to remain relatively stable throughout 2017. There are a number of suburbs currently undergoing massive transformation with land development including Glenvale, Cotswold Hills, Torrington, Kleinton, Highfields and Westbrook. In these areas there is a mix of owner occupier and investor orientated estates under development or planned.
Smaller lots than the traditional 600m² are being developed with limited sales evidence to provide an indication of market acceptance for these smaller lots. In addition to this small lot development there are a number units and duplex buildings which could result in a further oversupply in the short term. We will be keeping a close eye on what the Toowoomba Regional Council will roll out with their new town plan and when they will be introducing these changes.
As we turn our attention to the rental market in Toowoomba we notice a balanced situation with vacancy rates of around 3% keeping investors interested in the region, albeit at a lower level than we experienced in 2013 to 2015. January has also been a strong month for the property management division of RE/MAX Success, with our vacancy rate sitting at 1.9% having leased a staggering 68 properties of the over 1,550 currently managed.