Ray White Toowoomba clears 83 per cent at November auction, 27 bidders on five properties

A Toowoomba agency enjoyed extraordinary clearance rates at its most recent auction, with one property attracted 10 bidders. Here’s what it tells us about the city’s real estate market:

A modest renovated Centenary Heights home with an incredible 10 bidders on it has highlighted the strength of the Toowoomba property market, according to agents.

Ray White Toowoomba, which handles about half of all auctions in the city, said its November 8 auction enjoyed an 83 per cent clearance rate after 27 people turned up to bid on five properties.

While it is a smaller sample size, this is well above the clearance rates of other southeast Queensland markets and the average of 5.4 per property is higher than the state result of three per listing.

The event included 15 McNamara Street in Centenary Heights, which set a new street record of $635,000 due to 10 people aggressively bidding on it.

Bidders prepare for Ray White Toowoomba auction on November 8, which saw 27 people bidding on just five properties.

Agent Wade Lockrey said having that many people, which included owner-occupiers and investors, vying for one home indicated Toowoomba was still a sellers’ market.

“The strength of our market is clear, (real estate appraiser) Herron Todd White still has Toowoomba positioned as a rising market and we’re the only market in southeast Queensland that’s still growing in price.

“It’s getting people premium prices — we broke two street records (on November 8).

“A good quality property with a strong campaign and agent will definitely sell well.”

15 McNamara Street in Centenary Heights sold for $635,000 at auction through Ray White after 10 people bid on it. The sale set a new street record.

Mr Lockrey said the interest in auctions as a selling tool was reflected by the fact Ray White has 25 properties going under the hammer over its final three nights of 2022.

“Auctions are providing clients with a better contract because it’s cash unconditional upon the fall of the hammer,” he said.

“(An auction is) also providing the seller certainty they have achieved the best possible price in the market which is a challenge as market conditions consolidate.

“For buyers it provides complete transparency around pricing, they know exactly who they are competing against, exactly what the competition is prepared to pay on price and they are all participating on equal terms.”

Mr Lockrey’s assertion is backed up by an investigation by The Chronicle, which found the median house price of nearly every Toowoomba suburb had gone up by between 10 and 30 per cent in the past 12 months.

NOVEMBER 8 AUCTION RESULTS – Ray White

• 15 McNamara Street, Centenary Heights – $635,000 (10 registered bidders)

• 35 Gleeson Crescent, Harlaxton – $350,000 (Sold prior)

• 39 Glenvale Road, Newtown – $380,000 (5 registered bidders)

• 3/97 Holberton Street, Newtown – $415,000 (6 registered bidders)

• 14 Richmond Drive, Wilsonton – $550,000 (6 Registered bidders)