The Toowoomba residential property market is gearing up for more growth heading into the Spring selling season, according to the Real Estate Institute of Queensland (REIQ). The REIQ June Quarter 2014 Housing Market Review released today reveals solid growth in the Toowoomba market over the last 12 months.
REIQ Acting CEO Antonia Mercorella said the Review reflected increased buyer confidence and a sense of optimism about the prospects of local real estate. â€œThese are the figures many vendors have been waiting for – shorter days on market, significantly reduced vendor discounting and increased buyer competition,â€ she said.
â€œThey show the Toowoomba real estate market is on a trajectory of growth, with buyers growing more confident as we head into the Spring selling season.â€
According to the Review, the Toowoomba median house value was up two per cent in the June Quarter to $338,619, and up 8.1 per cent over the last twelve months. Average vendor discounting in Toowoomba is down to 4.6 per cent, compared to 7.3 per cent in June 2013. Over the same period, average days on market in Townsville have fallen from 87 to 64.
REIQ Toowoomba/Darling Downs Zone Chair David Snow said despite a strong start to 2014, there was a shortage of properties for sale in the city. â€œProperties up to the $450,000 mark especially are selling relatively quickly and with no apparent lessening of capital values,â€ he said. â€œToowoomba is gearing up now for a busy trading period in the final quarter of 2014 as the city continues to be favoured in market discussions nationally.â€
Ms Mercorella said the Quarterly Review also reveals solid growth in other parts of the State. According to the Review, the Brisbane median house value was up 1.9 per cent in the June Quarter and up 6.6 per cent over the last twelve months. Average vendor discounting in Brisbane is down to 5.6 per cent, compared to 8.9 per cent in June 2013. Over the same period, average days on market in Brisbane have fallen from 90 to 59.