Three things to know before renting in Toowoomba

HERE are a few things you should know before renting a place in Toowoomba:

REVEALED: Here’s what you need to know about renting in Toowoomba.

TOOWOOMBA'S real estate market has topped the state in the last financial year for its stability and consistency during the pandemic.

It's something to be applauded, but there are still some challenges to be expected particularly when it comes to renting.

Here's a few things you should know about renting in Toowoomba according to the Real Estate Institute of Queensland Market Monitor.

1. Not a lot of vacancies

The REIQ estimates Toowoomba's vacancy rate for rentals currently sits at only 1.2 per cent.

The report cites a "lack of supply" for the tight number, but said it showed the region's resilience during the pandemic.

"The region's rental market has been mostly in undersupplied territory for the best part

of a decade now, with seemingly no changes to that state of affairs on the horizon," the report said.

"In the past 10 years, Toowoomba's rental market has been consistently experiencing tight market conditions with vacancy rates generally below three per cent.

"Unsurprisingly, median weekly rents have increased in the region over the past year."

 

 

2. Prices remain consistent

Weekly rent prices have shown little to no fluctuation in the last 12 months.

The following average rent prices are what to expect when you start looking in the 4350:

One bedroom flat:

2019 price: $200 per week

2020 price: $200 per week

Change: N/A

Two bedroom flat:

2019 price: $250 per week

2020 price: $260 per week

Change: +4 per cent

Three bedroom flat:

2019 price: $310

2020 price: $310

Change: N/A

Two bedroom house:

2019 price: $270

2020 price: $254

Change: -1.9 per cent

Three bedroom house:

2019 price: $315 per week

2020 price: $320 per week

Change: +1.6 per cent

Four bedroom house:

2019 price: $395 per week

2020 price: $390 per week

Change: -1.3 per cent

Two bedroom townhouse:

2019 price: $280 per week

2020 price: $280 per week

Change: N/A

Three bedroom townhouse:

2019 price: $298 per week

2020 price: $330 per week

Change: +10.9 per cent

 

 

3. Toowoomba is stable and strong

Toowoomba's success through the pandemic proves the region is as stable as any other highly populated place in the country.

The REIQ report explained Toowoomba's success and suggested the region would continue to perform consistently well.

"It's fairly unusual for any location to have all asset classes firing at the same time, but that has certainly been the case in Toowoomba over the June quarter," the report said.

"The region's house, unit and land markets were all in the top three performers for

major locations over the period.

"To put that into perspective, Toowoomba is generally seen as a location that rarely hits the headlines.

"Rather, prices tend to increase in a moderate and sustainable way over time.

"While there is nothing unsustainable about the price changes over this quarter, the results are surely an indication that the region has been relatively unscathed by the pandemic."

Originally published as