RE/MAX Success Toowoomba claims current housing market is the new normal

Looking to buy a house but waiting for the market to decrease? A Toowoomba real estate agent has shown just what the next quarter holds for prospective homeowners.

As property values across the state start to come down from an unprecedented spike, Toowoomba residents have been warned not to expect a decrease in affordable housing.

RE/MAX Success Toowoomba general manager Daniel Burrett said the region’s current market is the new normal, with property values stabilising over the past three months.

Recent data showed house values across Toowoomba averaged a 1 per cent increase during the last quarter, while unit values have skyrocketed across the region.

In Glenvale, house values have gone up 1.01 per cent, while unit values have jumped almost 15 per cent in the same period.

“In the last two years, we’ve seen a lot of new development, and now all of that has been soaked up and its coming more in balance (with the rest of the region),” Mr Burrett said.

“There’s not enough accommodation so the prices are quite strong. There’s not enough supply for people to be picky about prices.”

As of October 2022, Toowoomba’s vacancy rate sits at 1 per cent, a spike from 0.3 per cent earlier this year.

“We’re still experiencing a shortage of housing, so the demand for property is sill high, which keeps our prices quite stable,” Mr Burrett said.

Looking ahead to the next quarter, Toowoomba’s housing market is expected to go up marginally in property values, however majority of prices will remain steady.

“They will not go down,” Mr Burrett said.

“We’re still an affordable area to purchase in, and our mortgages in comparison are lower so we’re not feeling the sting as much as other people with larger mortgages in other parts of the state.”

Mr Burrett said the region was still witnessing interstate buyers jump on the district’s market, though the selling times has decreased slightly.

Earlier in the year, properties were lasting three to five days on the market before being snatched.

Now, Mr Burrett said some have stayed available for two weeks.

“Before, there was a huge number of buyers after the same property,” he said.

“Buyers are taking their time now to make sure it's the right property for the price they’re paying.”