Toowoomba started 2020 in a good way. There were good stock and real estate sales levels across the entire local government area.
The COVID Impact
January and February were strong, and then COVID19 hit in March, and both buyers and sellers took a ‘hold fire’ attitude. Right across the market.
This cautious approach meant that there were very few new listings and low stock levels. It looked all doom and gloom in March and April. But then came May with a strong real estate sales market rebound, and even better, a stabilisation in June.
Following May, the Toowoomba property market has shown its resilience and potential for future growth. Houses have shown stronger growth than unit stock in price terms, however the future is looking bright.
This resilience is expected to continue and drive growth in the region in 2021.
Major infrastructure projects such as the shopping centre development, airport development and planned medical developments have meant that the area is in a fantastic position for growth.
Changes in buyer taste, driven by COVID, mean that there is a segment of the market that is looking to move out of larger cities, such as Brisbane, and into more regional areas. Larger land lots, lower prices (comparably), quality education options and a change in lifestyle while still remaining close to amenities and services makes Toowoomba a very attractive choice for owner-occupiers. While the increase in infrastructure means demand for rentals, attracting investors.
So, what's the inside scoop on hot spots for Toowoomba?
The local, inside word is that the east side of the city remains very popular and growth in prices and stock are showing positive signs.
Developments near the city are increasing and driving interest and growth. Houses in particular are growing well.
Satellite suburbs such as Westbrook are becoming popular as prices rise in the inner city ring.
For a lifestyle choice, the close-by Highfields is becoming increasingly popular due to it's unique, cultural and art-driven community.
If you are looking to buy in Toowoomba as either an owner occupier or investor and looking for a trustworthy, local real estate agent or property management, House Estate Agents should be your first choice. Contact our team today to discuss your needs.