Toowoomba real estate selling to interstate buyers after virtual inspections

Cashed-up interstate buyers have managed to find a way around Queensland border closures to buy up across Toowoomba with a rise in property sales from virtual inspections.

Months of border closures have proven to be no barrier to interstate buyers making an impact on the Toowoomba property market.

Garden City real estate agents have reported an increase in buyers from south of the border snapping up property without physically setting foot inside, in a new trend made possible by virtual inspections and buyer’s agents.

York Realty sales professional Brenton Falknau said the popularity of virtual inspections rose during 2020 as Covid restrictions forced a rethink of how real estate agents conducted their business.

“The virtual inspection, which involves us filming and walking through a property, has become standard practice now, and it’s pretty common for someone to call and say they’ll either buy or rent a property subject to a virtual inspection,” he said.

“For us, over the past 12 months one-in-10 sales have been through virtual inspections.

“The vast majority is interstate and most of them are from New South Wales, and a lot are buying now as an investment with a view to move here in the future.”

Mr Falknau said buyer’s agents were also popular among those locked out of physically inspecting a property.

Elders Real Estate Toowoomba branch manager Pam Ostwald said they had sold about eight properties so far this year form virtual inspections alone.

“Trends are certainly lockdown-related with most coming from NSW and Victoria,” she said.

“The buyer advises us how they want to do the virtual inspection, and it’s certainly part of all of our agent’s new norm and is fast becoming a regular request from people in lockdown.

“It is also not unusual for the first point of call being the virtual inspection followed up by an on-site visit by a relative or friend to give a second opinion.

“We have certainly sold property to people through the virtual inspection platform and have had nil complaints that the buyer is dissatisfied with their purchase.”

Data from property marketplace Domain has revealed the Darling Downs-Maranoa region had an 86 per cent increase in new listings since the pandemic began, with median house prices increasing 7.6 per cent since June 2020.

Since June 2016, median house values in the Granite Belt grew 8.2 per cent and 3.5 per cent in the Darling Downs (east), while they declined 17 per cent over the same time frame in the Darling Downs (west).

An aerial view of Withcott, one of the regions in Toowoomba that has experienced strong property growth. Picture: Kevin Farmer

Mr Falknau said the buying sight-unseen trend was a reflection of the strength of Toowoomba’s property market.

“The whole market over the past two years has really taken me by surprise,” he said.
“I’ve been selling property here since 2009, and the market was really strong in 2013-14, but the money coming in now dwarfs that.

“We were all a bit worried with Covid, but as it’s turned out it’s done good things for southeast Queensland and real estate in general.

“People haven’t been able to spend money on things they might have otherwise like holidays and that money has been saved, and for some it’s meant they’ve been able to invest in property.

“Why wouldn’t people want to come to Toowoomba, it’s got everything and that’s helping the city’s popularity with investors as well.”