The one Toowoomba property market prediction already coming true

At the beginning of this month the property experts made one key prediction about Toowoomba’s real estate market, and it seems as though it’s already coming true.

Rental vacancies in regional towns have plunged further to record an all-time median low

At the very beginning of 2021, market predictions indicated Toowoomba would be a hot spot for interstate travellers looking to relocate.

Updated figures from the property experts reveal that might already be the case with the rental market staying at a record low.

The REIQ said the Gold Coast and Sunshine Coast would be the preferred places for interstate residents looking to relocate to places, perhaps less ravaged by COVID-19, but local property experts said earlier this month Toowoomba would also be considered on that list.

REIQ CEO Antonia Mercorella said the diminishing rental market was “unprecedented”, and was placing significant pressure on the stat’s housing sector.

“Every Queenslander should have access to a safe, secure and affordable home that meets their needs and supports them,” she said.

That’s why the State Government should consider abolishing stamp duty.

“It’s the most significant barrier to home ownership, discouraging housing turnover, restricting mobility and property investment – something we desperately require.”

Toowoomba’s rental vacancy rate sits at a record low 0.7 per cent.

Ms Mercorella said there were several factors causing a stringent hold on the vacancy rate.

“During the pandemic, the Palaszczuk Government introduced a range of measures keeping tenants in place for longer which is part of the reason we have incredibly low rental availability across Queensland,” she said.

“We have also seen a significant amount of interstate migration, with renters also moving to Queensland, so all of these factors have contributed to our current tight vacancy rates.”

Originally published as The one Toowoomba property market prediction already coming true