Toowoomba real estate market prices in 2028 suggested by new PropTrack data

What will the average home cost in your suburb in five years? New data has suggested some eye-watering median prices for the Garden City, including several areas that will pass the $1m-mark. Details here:

The median house price in four Toowoomba suburbs could be more than $1m within the next five years, according to new data.

Analysis from REA Group’s PropTrack has revealed how the local property sector could be shaping up by 2028.

It comes as Australia’s real estate market continues to struggle with housing affordability remaining a persistent issue.

This appears to be creeping into regional areas like Toowoomba, with the latest analysis showing the median house in wealthy suburbs like East Toowoomba ($1.388m), Highfields ($1.11m), Middle Ridge ($1.141m) and Kleinton ($1.003m) could be past seven figures in just five years.

Another two areas in Westbrook ($952,000) and Mount Lofty ($956,000) could also potentially be closing in on the figure.

In fact, the PropTrack data suggests that by 2028 the lowest median prices might be in North Toowoomba, with a value of $513,000.

Find out the five-year analysis for your suburb below:

PropTrack senior economist Angus Moore said Toowoomba’s growth had been “unusually” strong since the start of Covid-19, a trend shared by other regional centres.

“In the past five years, home prices across the Toowoomba region are up just over 52 per cent, compared to 58 per cent for regional Queensland overall,” he said.

“While it has grown a little slower than some other regional Queensland areas, the broader point is that all these areas have seen very strong growth.

PropTrack economist Angus Moore

“Much of that growth is down to the pandemic, where we saw very strong demand for homes in southeast Queensland drive prices up very quickly.”

Mr Moore said where Toowoomba was differing from other areas was in its continued growth over the past year, at a time where interest rates were starting to bite.

“We are still seeing that strong demand bolster prices,” he said.

“In the past year, Toowoomba prices are up a bit over 8 per cent, which is much stronger than what we’ve been seeing in much of the country, where prices have been falling as interest rates have risen.”

While he said 2028 modelling could materialise, Mr Moore suggested some heat would leave the market in due course.

“The rapid pace of growth in the past five years – and what that would mean for median prices if it were to happen again – really underscores just how unusually strong the past five years has been,” he said.

“Since the pandemic, prices across regional Queensland, including in Toowoomba have surged more than 50 per cent.

“To put it in some context, prices nationally grew 23 per cent in 2021 alone.

“That represents the third fastest year of price growth in 140 years, since 1880.

“Clearly, that’s unusual, so we are unlikely to see that sort of pace of growth again over the next five years.”