February Market Review
Today we are coming to you from the old Rifle Range in Mount Lofty. You will recall recent media attention around a Defence Housing Australia or DHA proposal to subdivide the land.
Essentially the DHA will build some houses for Defence families to occupy whilst an undetermined number of residential house blocks will be sold back to the public.
No definitive plans have been, or will be lodged until 2018 by the DHA as they work closely with Landscape architects, Masterplanners and public opinion prior to submitting plans to the Toowoomba Regional Council.
We believe it important to note that not all of the 370 odd hectares behind us can be developed. Only a small section will be turned into housing blocks whilst the balance, particularly the escarpment area, will be untouched and added to the existing Jubilee Park.
The DHA have highlighted that local tradespeople will be used in the construction of the subdivision keeping work within our community.
We will keep you updated as it unfolds however if you wish to discuss in more detail feel free to call us direct.
From a February sale point of view our office has had another strong month mirroring our January with 30 contracts secured and over 60 people a step closer to their property dreams. Buyer confidence is still strong particularly from first home buyers.
We are expecting this particular part of the buying market, that of the first home buyers, to continue to heat up. This is largely due to the State government’s announcement of the current first home owners grant’s coming to an end on the 30th June 2017.
The future for financial support beyond this date is still in limbo however we would strongly urge the Government to reintroduce a grant for new and existing homes.
To find out if you are eligible for the grant before it ends please call us – we are happy to help.
And finally let’s turn our attention to the rental market in Toowoomba. It has been another strong month for the property management division of RE/MAX Success, having leased a staggering 69 properties for the month of the over 1,550 currently managed. Our vacancy rate is a touch above 2% as we head into the final month of what we call ‘Transfer season’ in the rental market.
As always, thank you for watching, we look forward to keeping you updated over the years.