Herron Todd White Valuers – Month In Review
As published by Herron Todd White Valuers
Despite strong buyer inquiry, the volume of prestige housing sales in Toowoomba has slowed in 2020. A deeper analysis of this trends shows the market has been constrained by a supply
shortage. For relativity, there were 43 dwelling sales in excess of $1 million in 2019 which equates to around four sales per month. Up until then end of September 2020, there had been approximately nineteen settled sales which equate to around two sales per month.
There has been reasonably strong activity for modern, resort-style homes in Middle Ridge. A recent example is 11 Daniells Close which sold for $1.05 million.
Setting a new price benchmark in Middle Ridge for this type of dwelling was the sale of 12 Thorley Court for $1.41 million.
The prestige East Toowoomba suburb has been showing limited sales activity however agents are reporting strong buyer interest from locals and parties from outside the area. Agents are reporting new levels of inquiry from interstate buyers looking to regional areas like Toowoomba for a lifestyle change.
The rental market for prestige houses in Toowoomba is very small with the vast majority of homes owner-occupied. Traditionally, yields for prestige dwellings are low by way of comparison with more conventional housing however with the current vacancy rate now sitting at less than one per cent, there is likely to be an upward shift in rental prices as the end of the year approaches.