High-end sales provides optimism to real estate market

AFTER a “period of hibernation” in Toowoomba’s high-end real estate market, REIQ zone chairman David Snow believes sales will heat up in the New Year.

Real Estate Institute of Queensland Toowoomba/Darling Downs zone chair David Snow. 2014. Pic: Contributed

AFTER a "period of hibernation" in Toowoomba's high-end real estate market, Toowoomba and Darling Downs REIQ zone chairman David Snow believes sales will heat up in the New Year.

Mr Snow, also the co-principal of Peter Snow and Co. Real Estate, said the $1m plus section of the Toowoomba real estate market had been relatively quiet between Easter and September.

But a number of significant off-market sales in the $1-2m range, as well as major sales through normal means, provided "great encouragement" to the real estate sector over the past two months.

While he stopped short of saying the activity was causing a ripple effect in nearby suburbs, Mr Snow said the recent sales meant "vendors who have been waiting to put their home on the market have decided now's not a bad time".

"We are seeing a resurgence of confidence from buyers," he said. "It's probably too early to tell whether there's a trend there but it's certainly encouraging.

"By the end of February we'll know whether that level of confidence being displayed in the last 10 weeks is going to continue. My opinion is it will."
 

Originally published as High-end sales provides optimism to real estate market