Green light for garden-city sales

Toowoomba has experienced a surge of interest from state-based buyers.

Toowoomba has experienced a surge of interest from state-based buyers. Pictures - Supplied

While southeast Queensland coastal markets have been booming through the coronavirus pandemic, inland from Brisbane, Toowoomba has also experienced a surge of interest from state-based buyers.

The shift to the regions has emerged as one of the defining demographic trends of the pandemic. Areas outside of capital cities have experienced a flurry of demand from people wanting to trade their fast-paced lifestyle for space and relaxation.

Queensland’s Sunshine Coast and Gold Coast have proved popular with southerners looking to move north for better weather.

But Toowoomba, two hours west of Brisbane, is also a quiet retreat for buyers wanting regional living and large lots of land alongside strong liveability.

Prices have been on the rise in the garden city over the past year, with data from CoreLogic revealing an increase of 2.8 per cent for houses since November 2019. The rise is even larger in the prestige quarter of the market, which was up 3.1 per cent over the same period.

Local agents say many cash-ready buyers are readying to make a move to the city, but are competing with locals for limited, quality homes.

Principal of iThink Property Ben Walker sold two properties last week for $1.15m. A couple from Melbourne who hoped to purchase one of the homes quarantined for two weeks just to view it, but missed out to Gold Coast buyers.

He is anticipating a busy start to 2021 as more southerners from NSW and Victoria with the intention of moving make bookings to view homes now that borders are open.

“Toowoomba has been on the up for quite a while. It is a growing town with three hospitals, a university, an airport and a major shopping centre.

“You don’t need to go east for anything,’’ said Mr Walker.

On the other hand, many prospective purchasers from western Queensland have continued to migrate to the town after more than seven years of drought and tough conditions.

A property with panoramic views and the rolling greenery of the Great Dividing Range settled in November for $1.75m in one of the largest deals since March.

Local Colliers International director Dominic Ryan sold the Mount Lofty property to western buyers just four days after it was listed in September, receiving multiple offers on the contemporary home.

“Toowoomba has always benefited from people moving from out west,” Mr Ryan said.

Low stock levels have affected the market, with locals who sold at the start of the year struggling to buy back in.

“There really hasn’t been much stock available over $1m. After what we’ve just been through, people are realising the value in what they already have,” Mr Ryan added.

“The area isn’t largely affected by the mortgage belt. People can sit tight because there is really no financial pressure.”

Within two weeks of listing a character homestead in Highlands, agent Robbie Witt had already shown 18 groups through the property receiving three written offers. The principal of NGU Real Estate Toowoomba said it was the most buoyant he had seen the market in five years.

“At the higher end of the market, you don’t get the volume but buyers are cashed up and ready to rock and roll,” Mr Witt said.

The vendors of the sprawling 1.62ha property at 37 Fairy Road, Highlands, are asking for more than $1.4m.

The five-bedroom home is a balanced mix of contemporary and antique charm, with the builder using an array of antique items such as stained glass and light fittings he had collected for more than 50 years.