Qld real estate: Toowoomba suburb CoreLogic house index data revealed

New data has revealed the growth of house and unit prices across Toowoomba over the past 12 months. Use our interactive map to see property values in your neighbourhood.

After months of trying to crack into Toowoomba’s property market, it was third time lucky for Carissa Kemp and Nick Paterson.

It took dozens of trips to open homes, and for one property they were just one of 14 that put in an offer.

However last month the young couple sealed the deal on their South Toowoomba dream home, and in the process bought into one of the region’s hottest suburbs for house price growth.

The Toowoomba property market has gone from strength to strength, with 30 suburbs recording double digit growth in house and unit sales over the past 12 months.

Data from property research group CoreLogic has found South Toowoomba has been leading the way for price growth in Toowoomba, recording a median house price of $387,143 and a growth in house price index of 13.8 per cent.

With a median house value of $485,801, the outer suburb of Withcott recorded the biggest increase in house value index at 17.3 per cent.

Placid Hills recorded a median house price of $434,468 with a house price index growth of 15.9 per cent, while Helidon saw an increase in their house price index of 14 per cent over the past 12 months.

CoreLogic data has also revealed housing values across Toowoomba have risen 7.7 per cent over the past 12 months, the fastest annual growth rate for the region since late 2014.

CoreLogic data has revealed the Toowoomba region of Withcott has seen a house value index rise of 17.3 per cent over the past 12 months. Picture: Kevin Farmer

Ms Kemp said the couple had dreamed of owning their own home, and now was the right time for them to buy.

“We rented a unit together for a year while we looked to get a foot in the door, and it was something that we both wanted to achieve so when we started to see the market move upwards we decided to try and get in before it went absolutely crazy,” she said.

“It was a pretty long process, we went to dozens of open homes and were always calling real estate agents. We put offers on two other homes, and one there were 14 other buyers that put offers in.

“This house was the third house we put an offer in on and we definitely love it.”

Ms Kemp, 24, a communications professional and Mr Paterson, 25, an agronomist, met in Toowoomba after moving from Brisbane four years ago and said it wouldn’t have been possible to buy their own home if they had stayed in Queensland’s capital.

“I moved here for work and just fell in love with Toowoomba and loved that we can still progress our careers here and buy a home, which I don’t think would have been possible in Brisbane,” she said.

“I still have friends there that are trying to get into the property market and it’s just so hard for them, and while it was a process for us in comparison the prices are much better here.”

Nick Paterson and Carissa Kemp bought their South Toowoomba home after many months of putting in offers and inspecting properties. Picture: Nev Madsen.

CoreLogic research director Tim Lawless said Toowoomba is in a very good situation and is probably benefiting from a broader lifestyle trend that’s noticeable around the country of people moving from capital cities such as Sydney, Melbourne and Brisbane.

“That trend is very much geared towards coastal markets, but we’re seeing a lot of demand in hinterland and rural areas that offer transport back to capital areas,” he said.

“People coming from these capital cities can buy into a market like Toowoomba quite affordably and there’s some lifestyle dividends that come from moving to these rural or regional areas.

“I think we will see Toowoomba’s growth profile gain momentum, especially on the back of further infrastructure investment.”

LJ Hooker Toowoomba managing director Michael Stewart said the pattern of interstate migration was similar to what was seen in the 1990s where the trend went “through the roof”.

“There’s a lot of people from Sydney and Melbourne moving to areas outside NSW and Victoria with a particular focus on places like Toowoomba,” he said.

“We’re clean and green, there’s much less chance of getting caught in a lockdown it would seem and the fact that the internet allows people to work from home the need to be based in a capital city isn’t as high as it once was.

“Housing costs in relative terms in Toowoomba are still much lower than in Sydney and Melbourne, where median house prices can be three times higher or more than in Toowoomba. Median wages aren’t three times lower here so there’s issues of affordability and liveability that are in our favour.

“I think what we’re seeing is structural and fundamental decentralisation, and it’s not being forced on people.

“The fact is people have more choice and can end up with more available funds to spend if they choose to live in a more pleasant environment than in Sydney or Melbourne.”

Originally published as Qld real estate: Toowoomba suburb CoreLogic house index data revealed