June Market Update
We’re coming to you today from Walton Stores, a recently developed restaurant & entertaining precinct in the CBD, to provide an update on the major development projects currently underway, discuss the recent Census data and of course an update on June in both Property Management & Sales.
Recent Census data released has shown that Toowoomba has undergone a population growth over the last 5 years as people gravitate to Toowoomba for the climate, lifestyle & family atmosphere. It showed that we are a diverse & rich major regional town with a third of the population owning their home outright, a third owning a home with the assistance of a mortage & a third renting.
It will come as no surprise then that developers large & small continue to capitalise on the opportunities that Toowoomba presents! Toowoomba is trending to a “Melbournian” entertaining & food culture hence why places like ‘Walton Stores’ are a vibrant hub from lunch until late.
There are many cafes, coffee houses & boutique eateries taking advantage of the trending ‘laneway’ environment that is emerging in our City.
Earlier this month the iconic Longs Building in Margaret Street, which was home to Veraison, Cafe Forte & the Linen Chest was snapped up for a cool $3 million. The new owners will redevelop her into a Cafe & retail precinct contributing to the regeneration of the Toowoomba CBD.
Just down the road, Grand Central is in her final stages of development with both the Eastern & westerns wings open and the adjoining via duct. The Food Court and landscaped gardens will soon be done to complete the Crown Jewel of Toowoomba Shopping.
The Toowoomba Second Range Crossing or Bypass is steaming ahead, scarring our landscape with visible progress which in turn will benefit the City & property no end. To view the progress in detail visit our Facebook page where we have provided an update.
Amid all this progress is a sad story to the Toowoomba Restaurant scene that we would like to share. Around the middle a June a fire ripped through the well known Amigos Bar & Grill, destroying the building which included the popular indoor rock climbing gym behind her.
It got worse, the brand new Quest Hotel next door to Amigos, built by construction giant, FKG Group suffered significant damage from smoke and heat. Subsequently it will be closed for 6 months whilst it is repaired.
Currently, huge renovation currently underway of the Burke & Wills Hotel which will be see the hotel closed for 6 months. Between the Quest & Burke & Wills hotels, around 10% of Toowoomba’s hotel accomofation will be unavaible during one of our regions busiest times of year, the carnival of flowers. We would strongly recommend if you or your family members or friends are travelling to the area, that you book your accommodation as soon as possible to avoid missing out.
On a lighter side, we wanted to advise about some good news that was announced earlier this week – Homewares Giant IKEA will have a Toowoomba Collection point for online purchases to save Toowoomba residence driving to Brisbane to collect their goods. You will be able to collect them from 4 Holt Drive in Torrington.
In terms of sales, our office continues helping huge numbers of buyers and sellers with well over 30 Contracts written for June between our five agents. Over 40 properties were listed for the month as we enjoy working with people to secure their dream home or help them move to their next one. Buyer and seller confidence is high, despite the price driven market.
As we turn our attention to the rental market our office secured 48 new tenancies ensuring our vacancy rate is stable around 2%, significantly lower than the average in our area.
On behalf of the Daniel Burrett Team, thank you for watching, we look forward to keeping you updated over the years.