Toowoomba real estate agents identify suburbs to watch for buyers, sellers

It’s no secret Toowoomba’s property market is experiencing incredible growth, but where should buyers start? The Chronicle spoke with three agents on their thoughts.

Toowoomba’s property market is experiencing an incredible boom right now, as local and interstate buyers scramble to get a piece of the city’s best suburbs.

That’s according to both property data and local real estate agents, who have identified the suburbs buyers should pay look at right now.

Statistics from realestate.com.au has revealed median property sale prices have jumped in eight of the 10 most searched suburbs in Toowoomba over the past year.

These include a 15 per cent increase for homes in Rangeville (from $450k to $518k) and 1 14.7 per cent jump for properties in Mount Lofty (from $462k to $530k).

Here are three agents’ perspectives on the housing market and Toowoomba, and what both buyers and sellers should be looking for.

LJ Hooker’s Mike Stewart.

MIKE STEWART — LJ HOOKER

A veteran of the Toowoomba real estate industry, Mr Stewart said young families looking for their next (or first home) should look at suburbs like Rangeville and Centenary Heights, which are close to schools as well as being in affordable price brackets.

But he also said buyers wanting reliable long-term growth should also look at areas in Newtown and Harristown.

“In terms of the established housing market, it’s all of the inner-city suburbs,” he said.

“If it comes up in North, East or South Toowoomba and then Rangeville and Centenary Heights, those are the hot spots for young families, because they’re reasonably affordable and they fall in the catchments for some of the most popular schools.

“In terms of where is the best upward movements, the areas around Newtown, parts of Harristown, there is good value to be found there.

“In terms of new land stock, that’s Glenvale, also out at Highfields and those sorts of areas.”

Hodge Real Estate's Edward Hodge.

EDWARD HODGE — HODGE REAL ESTATE

Mr Hodge said buyers seeking long-term capital growth should seek out properties with lot sizes above 700 sqm, saying a return was “all but assured”.

“I would say there’s been a real spike in Torrington, Glenvale and Cotswold Hills from owner-occupiers seeking larger properties,” he said.

“Owner-occupiers are typically long-term investors seeking capital growth and when you have land rich assets, capital growth is all but assured.

“Torrington and Glenvale have typically had a low volume of sales but there’s been a huge pick-up of sales recently.

“My advice for any investor or owner-occupier who is looking for capital growth, they must be seeking land-rich assets.

“We’re talking 700 sqm plus, which historically was considered a small block it is now much larger.”

Mr Hodge said Toowoomba was currently witnessing a “fundamental change” in its property market, urging both buyers and sellers to get involved.

“Toowoomba has had a fundamental change which is going to hold for the long-term,” he said.

“The overarching theme for our city is buyers are clearly outstripping the amount of sellers.

“For the next six months, there will be hyper-competition, so the opportunity is anyone who is thinking of selling their property.

“It’s never been better to market a property in this city.”

Snow Real Estate's Brendan Mayles.

BRENDAN MAYLES — SNOW REAL ESTATE

Despite the big jump in median house prices, Mr Mayles noted how affordable much of the Toowoomba property market currently was compared with prices in Brisbane and the Gold Coast.

He identified suburbs like Centenary Heights, South Toowoomba and Newtown, which were among the most searched areas on realestate.com.au, as places of interest for buyers.

“Centenary Heights is going through some great growth, based on local and outside-area buyers,” he said.

“The thing is Centenary Heights is being pushed hard and they will continue to get growth and interest (but) its median price is still just $400,000.

“Anything with a four or three in front of them is a good buy, they’re not going to be at those prices for long.

“South Toowoomba is a suburb I’d also be highlighting big-time — I see growth across the board but anything $300k-$400k should be of interest.