TOOWOOMBA had the highest growth in the housing market of all regional Queensland in the past five years, a new report released today has shown.
The Real Estate Institute Queensland market monitor for December 2017 showed the market grew 20 per cent in five years.
REIQ Darling Downs zone chair David Snow said there were a number of reasons for this growth.
“In the last five years Toowoomba’s great advantage has been we are not reliant on one particular area of industry or employer,” he said.
“The current unemployment rate being less than the state average, ours being 5.5 per cent to the State’s 6.1 per cent, plays a part.”
Mr Snow said major investment has also played a part.
“That has continued to roll through over the last five years,” he said
“From Wellcamp Airport to rebuilding the city centre and the Grand Central expansion, to the Second Range Crossing and solar farms.
“They’re bringing people into the area, not in the tens of thousands, but enough.”
The report said house values gained about $5000 in 2017, as the annual median price increased from $350,000 in December 2016 to $355,000 in December 2017.
This compares with the annual median house price of $295,000 in December 2012.
The highest-selling suburb, ranked by the annual sale volumes in 2017, was Newtown with 170 sales with an average price of $305,000.
This was followed by Rangeville with 168 sales and an average price of $439,000, Harristown with 133 sales and an average price of $205,000, Kearneys Spring with 113 sales and an average price of $378,000 and Centenary Heights with 104 sales and an average price of $364,000.
Mr Snow said a number of these homes weren’t eligible for first home buyer grants.
“Unless we are getting young people, first home buyers in these more traditional suburbs, we’re not going to have that healthy mix of ages in each suburb, and no incentive for people to move in and renovate older style homes,” he said.