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How Toowoomba's housing market is performing

THE Real Estate Institute of Queensland's (REIQ) quarterly market review shows that Toowoomba's housing market has experienced a decline over the last financial quarter.

According to the REIQ data - both the house and unit markets fell, by 3.8 per cent and 7.1 per cent respectively.

The unit market fell sharply, by 7.1 per cent this quarter, to a median sale price of $288,500 compared with a median price of $310,500 in March.

This contributed to the fall in the annual median sale price of 3.2 per cent, from $310,000 in June 2016 to $300,000 in June 2017.

Despite the decline, the REIQ rates the Garden City as a consistent market in comparison with the rest of the state.

"Toowoomba has been a consistently steady regional performer and looking at the 12 months to June 2017, this has held relatively true, with an annual median sale price of $352,000 in June 2017, up from $350,000 in March," the report said.

The body said that that projects like the Toowoomba Second Range Crossing "has supported the strength of the property market over the past few years" and its research showed an overall upward trend in median sale prices of homes in the region.

That figure has risen this year to $352,000 from $350,000 in 2016.

"The outlook for the house market is steady and this view is based on economic benefits flowing from the infrastructure projects," the report said.

"However, this quarter the REIQ has moved Toowoomba's unit market from steady to falling, as the data indicates early signs of contraction."

Topics:  housing market news reiq toowoomba


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