Toowoomba property: Cheapest land, units and houses for sale right now

While property prices have been rapidly rising in the Garden City, there are still some bargains to be found. Here are the cheapest properties for sale right now. SEE THE LIST.

Like many regional parts of the country, Toowoomba’s property market is booming.

A perfect storm of low supply, high demand, cheap money, flexible working conditions and affordability compared to capital cities has meant the Garden City has experienced a surge in property sales over the past 12 to 24 months.

According to CoreLogic’s head of research Eliza Owen the median time on the market for houses was just 16 days, one of the fastest selling regions in the country.

Ms Owen said the market remained bullish about south east Queensland, however she warned it was unlikely many regions would see a repeat of their 2021 growth rates as the affordability advantage and availability of credit had diminished.

“Key drivers for performance in the regions will come down to higher interest rates and affordability constraints, the same headwinds capital city markets are facing,” she said.

“Regions have an additional factor to contend with and that is the possibility of a return to ‘normality’ and what that means for a potential refocus on cities. Employers may make a return to physical office space a priority in the years ahead, which would necessitate buyers to reconsider housing options closer to a capital city.

“However, this scenario seems less likely and more long-term than the arrival of the Omicron variant, which in many ways reinforced that this an ongoing health crisis and Australians prioritised their current housing needs to align with their desired lifestyle.”

Latest dwelling price data for Toowoomba

CoreLogic’s research director Tim Lawless said although housing values have surged 17.4 per cent higher over the past year across Toowoomba, the region has shown a lower annual growth rate relative to regional Queensland more broadly, where housing values were up 25.7 per cent.

“The growth rate was also lower relative to Greater Brisbane, where values were up 29.2 per cent,” he said.

“The high growth rate across regional Queensland was most heavily influenced by the coastal markets of the Sunshine Coast and Gold Coast, where housing values were up 34.4 per cent and 33 per cent respectively.”

Mr Lawless said Toowoomba recorded the fourth highset annual growth rate across the SA4 subregions of regional Queensland, after the previously mentioned Sunshine Coast and Gold Coast as well as the Wide Bay region (up 26.4 per cent).

“Arguably Toowoomba is well placed for further growth, thanks to a relatively affordable price point and ongoing demand for regional housing within driving distance of a major capital city,” he said.

“The median house value was $318,000 lower than Brisbane’s at the end of January, and more than $500,000 less than the Sunshine or Gold coast median house value.

“Annual home sales were 41 per cent higher than a year ago over the 12 months ending January, demonstrating the strongest level of demand since 2003.

“Every suburb across Toowoomba has recorded at least double digit annual growth, with the stronger conditions skewed towards houses rather than units where the annual growth rate was recorded at half that of houses.”

Cheapest properties for sale in Toowoomba right now

Land

9 Felix Street, Cranley – Offers more than $145,000

9 Felix Street, Cranley is for sale for offers more than $145,000.

Set on a 687m2 block with views over Gowrie Junction and beyond, this block is on Sanctuary Rise estate in Cranley and priced to sell, according to selling agents Colliers Real Estate.

Unit

11/1 Whichello Street, Newtown – Offers more than $189,000

11/1 Whichello Street, Newtown, is on the market for offers of more than $189,000.

This modern two bedroom, one bath 100m2 unit is set in the leafy and professionally managed complex of “Redford Lodge” in Newton.

Other features include a modern kitchen with electric appliances, plenty of cupboards, a light and modern bathroom with separate toilet, roller blinds throughout and internal access from the single lockup garage for security.

House

16 Chopin Street, Rockville – Offers more than $250,000

16 Chopin Street, Rockville, has hit the market for offers of more than $250,000.

Situated on a large 737m2 fenced allotment with access for your car, boat or trailer into the rear yard, this two bed, one bath hi-set timber chamfer board home would make the ideal home for the first home buyers who after happy to get their hand dirty and do some renovations, or a great entry level investment property.

Regional property prices among cheapest in the state

When it comes to some of the cheapest places to buy property, five suburbs in the Darling Downs-Maranoa region crack the state’s top 30, according to the latest REA Group/PropTrack market data for median house prices.

Two suburbs make up the top five, with houses in Tara (two hours west of Toowoomba) at $80,000 and Dirranbandi (five hours west of Toowoomba) at $82,500, while the three other suburbs in the area include houses in Injune at $110,000, Mitchell where it’s at $117,500 and Jandowae which is currently at $140,000.

REA Group/PropTrack head of research Cameron Kusher said most of the suburbs with low median prices were in quite remote locations.

“With fewer amenities and further away from larger cities, less competition for homes in these regions is a major factor in prices being low, despite the immense price growth Queensland has seen over the last year,” he said.

Suburbs with low median prices for units tend to be less remote, he said, but the affordable prices suggested many of those were older and smaller units which came with a lower price point.