Toowoomba's housing sales start to decline
Property valuation firm Herron Todd White has given its assessment on residential sales in Toowoomba.
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TOOWOOMBA's housing sales have declined, but the main culprit is not falling prices.
Property valuation firm Herron Todd White has given its assessment on residential sales in Toowoomba, saying in its latest report the market was "starting to decline".
Darling Downs director Bradley Neill said the stagnant landscape was because of fewer sales, commenting that house prices were the same as they were in 2015.
"There's just been a regression in the number of transactions in the city, but values have remained steady as opposed to 2012-2015," he said.
"That was a period of modest growth in new units, and investors coming to Toowoomba, which has slowed a little.
"Declining markets don't mean value drops. It's the number of sales that are dropping."
Mr Neill said a homeowner who bought their house in 2015 would get roughly the same price for it this year, but said certain property types were breaking the mould.
"There are still some sectors performing well, like the prestige housing market, which is strong," he said.
"There are limited sales, but the sales have been considered strong.
"If you bought a home for the last 2-3 years in Toowoomba, they'll be about the same price, other than new units in the west where there is strong supply but weakening demand."
Toowoomba also has more properties than can be sold, while vacancy rates for rentals have also increased.
But Mr Neill said there was plenty to get excited about Toowoomba's mid-term future, particularly surrounding the Inland Rail and a resurgence in coal seam gas activity.
"Toowoomba we believe is well-positioned to benefit from huge infrastructure projects in the future, because we've received massive investments," he said.
"As mining and gas re-invigorates and the Inland Rail is built, that may be the catalyst for future growth."
For more information, read the HTW report here.
Originally published as Toowoomba's housing sales start to decline
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