Toowoomba development: Colliers’ Brad Lipp says 12 estates to deliver more than 700 new lots for city

More than 700 lots are already in the development pipeline for Toowoomba over the next two years, amid a continued need for more housing. See what suburbs are included here:

Promotional shots of Alford Grove housing estate in Toowoomba.

Property developers are reportedly continuing to ramp up work across Toowoomba to keep up with sustained demand for housing, with one expert forecasting the creation of more than 700 new lots across at least 12 estates.

Colliers Toowoomba’s Brad Lipp says more than a dozen subdivisions are being developed in the Garden City, with residents to see the supply of lots materialise over the next two years.

Brad Lipp, Colliers Toowoomba.

Meringandan, Top Camp, Cranley, Glenvale, Highfields, Darling Heights and Kingsthorpe are among the suburbs that will be growing, with some projects worth potentially 300 lots.

It comes as Toowoomba still struggles with a shortage of housing, with the city’s rental vacancy rate having not risen above one per cent since May 2020.

Mr Lipp said continued demand from buyers had pushed up prices, with an average 600 sqm block now selling for 40 per cent more than what it did six years ago.

“The challenge of the Toowoomba market is there was pent-up demand in 2020-21, and we didn’t have that land,” he said.

“Now there are people migrating to Toowoomba for jobs, we’re needing more lots.

“In 2017-18, the average price for land was $175,000, and last year, the average price was $244,000 for a 600 sqm block — that’s where the growth is.

“It has to go up with the costs of construction, the developers have to do something.

“We’re still gaining upwards of 100 inquiries per week across all our communities.”

Ten projects are currently being sold to the market, with another seven going through various approvals processes.

Mr Lipp’s list also doesn’t include the eventual rollout of Habitat Mount Kynoch, which is worth 147 hectares and will eventually house thousands of residents over the next decade.

“Once we go to the marketplace, 90 per cent of it is being exhausted before it gets sealed,” he said.

“Buyers are coming to realise we’re now in the situation and they should put the deposit down.”

Promotional shots of Alford Grove housing estate in Toowoomba.

It comes as Mr Lipp prepares to launch the fourth stage of the 314-lot Alford Grove estate, a project that has been in the works since 2016.

Sixty-six of the first 75 lots have now been sold, with nearly 60 per cent of them going to owner-occupiers — a large chunk of them first homebuyers.

“We’re looking at our inquiry rate, we’re getting 42 per cent locals, and the balance of our inquiry comes from Brisbane, Sydney, Melbourne and Gold Coast,” Mr Lipp said.

“We’ll be looking at starting marketing stage four around May or maybe June or July.”