Toowoomba Property Market Continues to Surge
Toowoomba’s property market has continued to boom over the Summer Quarter, and there are no signs of it slowing down. Generally, houses are listed Wednesday/Thursday, with the first advertised Open Home on Saturday, multiple offers are presented to Vendors that afternoon, and contracts are signed by the Monday.
In most instances, the winning offer is by local buyers, who have missed out on 3-4 other properties. Some buyers are offering $40k-$50k above asking price to get the deal across the line and for Toowoomba, this is can be 10-20% of the ask price.
There is strong demand from Sydney, Melbourne and Brisbane buyers who are keen to secure off market deals. In our experience, it is much better for the Vendor to take the property to market to create competition to get the best price and shortest conditions. The rental market is as strong and the recorded vacancy rate for February was 0.3% - the lowest we’ve ever seen it. We are attracting up to 80 groups at some open homes, and the rental yields have increased over the past 12 months by approx. 10-40%. This is good for investors, but it is extremely difficult for a lot of tenants to secure housing, and there is a high level of frustration in the marketplace.
We believe this trend will continue until at least mid-year.
Property Case Study of the Season!
We love to share amazing Property Success Stories, and this one is a pearler! One savvy couple bought a 2 story rundown renovator in Rockville for $295k, spent $80k on the renovation and converted the property to 6 bed 2 bath 2 kitchen home and we have just rented this for them at $900/week, with the tenants paying 12months rent upfront. At this rate, the house should be paid of in 4.5 years. #Property_Gold!
