January Market Update
Today we’re coming to you from the stunning Gabbinbar Homestead in Ramsay Street. Gabbinbar is one of the most stunning wedding locations in the Toowoomba region. It is also known on a national scale being a destination wedding venue and has facilitated thousands of weddings since being converted from a private home many years ago. Gabbinbar made headlines this month after confirmation that a new wedding precinct will be developed on the grounds, creating room for wedding focused businesses such as celebrants, cake makers, photographers and florists. Barry Bernoth, the owner of the Homestead, received support from the eight councillors who voted unanimously for the projects concept. However, there were over 30 Middle Ridge residents who lodged their disagreement with the development over 9 different submissions noting a negative impact on other commercial businesses, increased traffic and inconsistency within the neighbourhood. The submissions against the development had to be taken into consideration by council at the time of their decision; however this made no impact on the final initial decision from Council. The new wedding precinct is not a done deal yet as the impact assessable application still has a couple of stages before the final tick of approval. We are extremely excited to track the project and keep you updated as it rolls out, with an expected rise in the region’s tourism industry as a result.
Another large project that has been approved to get underway is the revitalisation of the Heritage listed railway goods shed of the fringe of the CBD. The $10 million project will be shared 50/50 by the Toowoomba Regional Council and the Queensland Government’s Building our Region’s program, with $3.175 million already allocated to the project for the 2017/2018 financial year. The development will be split over 4 stages and stage 1 of the project is currently up for tender, with applications closing mid February and work expected to commence in March. Initially, work completed will include repairs to the current structure and heritage fabric and an upgrade of services to the site such as water and sewerage, with minimal internal fit-out expected at this stage. The project will also include landscaping and car parks around the shed, with an expectation to include future parklands. The railway goods shed is predicted to be used for both commercial and community activities and events.
In terms of sales, our office has seen a continued rise in buyer and seller confidence throughout January with 37 contracts written between our 8 agents as well as listing 43 properties fresh to the market. There is a significant uptick of enquiry on aged stock and solid sale prices being achieved after negotiations.
As we turn our attention to the rental market in Toowoomba, in January alone RE/MAX Success serviced 1,589 unique tenant enquiries, conducted 269 property inspections, processed 144 tenancy applications and secured 42 new tenancies. Our vacancy rate as at the 31st of January remains significantly lower than the average in our area. Herron Todd White have expressed that they expect vacancy rates to remain relatively low in our region throughout 2018, keeping investors interested in our region and a strong mix of both owner occupiers and investors looking to buy in the current market.
On behalf of the Daniel Burrett Team, thank you for watching, we look forward to keeping you updated over the years.