'Best year': Toowoomba house market's post COVID-19 boost
TOOWOOMBA’S housing market is on track to experience one of its best years yet, despite the COVID-19 pandemic.
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TOOWOOMBA'S housing market is on track to experience one of its best years yet according to a new report out from the Real Estate Institute of Queensland.
The REIQ's Market Monitor for the March Quarter, released this week, revealed the region's housing market has appeared to overcome the initial challenges caused by the COVID-19 pandemic.
"The Toowoomba property market has faced numerous challenges over the years and has always come out the other side smelling of its famous roses," the report said.
"The main reason for such a consistently solid performance has been its diverse economy, which isn't overly reliant on any one industry.
"Now it appears the region can add coronavirus to the list of economic challenges that it has overcome.
"After a strong start to the year, the region's property market hit pause in April, before picking up right where it left off. The number of enquiries has strengthened, but with listings still low, it's still looking like good times ahead for the Garden City."
The median house price was up marginally by the end of the March quarter, posting a 0.1 per cent increase to $355,000.
The annual median sale price dropped 1.3 per cent though, from $355,000 a year ago to $350,500.
"The Toowoomba unit market performed more strongly than houses at the start of the year," the report said.
"Its median unit price increased by 2.5 per cent to $292,500 over the March quarter.
"While still a small part of its overall property market, the unit sector has been benefiting from new developments with affordable buy-in prices.
"These dwellings have been in demand from first home buyers who could access new- build grants from the State Government."
The report found rents in Toowoomba had continued a steady upward trend in the past year.
"At 1.2 per cent, the Toowoomba vacancy rate at the end of March was the tightest of all major regions in Queensland," the report found.
"However, the region rarely has a rental market that isn't in healthy shape with consistent demand from tenants.
"Rents in Toowoomba have continued their steady upward trend over the past year."
Originally published as 'Best year': Toowoomba house market's post COVID-19 boost
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