Toowoomba unit market falls but still strong

TOOWOOMBA’S unit market has dropped for the first time in several years, according to a new report out this week.

At this preliminary stage, the northern and western Geelong growth areas project does not identify land acquisition as a necessity. Picture: iStock.

TOOWOOMBA'S unit market has dropped for the first time in several years, according to a new report out this week.

The Real Estate Institute of Queensland's March quarter market monitor report found the unit market contracted 2.9 per cent to $300,000, though the market remained 17.6 per cent larger than it was five years ago.

"The unit market has defied regional trends throughout most of 2016 and 2017, however, gravity is now catching up," the report read.

REIQ Darling Downs spokesman David Snow said this was caused because of a perceived over supply of units, which meant fewer units had been developed, all while the demand for properties from potential tenants had increased.

He said despite this the general real estate market in Toowoomba was performing strongly.

"As we approach the shortest day of the year and cool weather approach us, it's still evident transactions are occurring in the property market in all price ranges," he said.

"Soon we will have had two sales this year around the $3 million mark, which is encouraging.

"Even through to the less expensive market of those $200,000 to $250,000 homes, people are still acquiring property."

For the latest property news, make sure you grab the Real Estate Guide in Saturday's edition of The Chronicle.

Originally published as Toowoomba unit market falls but still strong