We are anticipating this will be agood solid year for buying and selling property in Toowoomba. The key reason is the market ‘took a breath’ in 2017, and history shows, there tends to be an uplift after a slow period, when the market corrects itself.
Other key factors that will have a positive effect are:
• There are no elections
• There is no talk of interest rates rises until possibly the end of the year
• The local mining industry is starting to advertise for jobs
• The agriculture industry are big employers, and the companies that service this sector are extremely positive
• The Second Range Crossing will continue well into the second half of next year.
• The First Home Buyer Grant has been extended until June.
So there aren’t any major macro or micro economic factors that is likely to cause too much negativity locally.
The latest quarterly REIQ report found that Toowoomba had Queensland’s best-performing unit market, with the median sales price growing by two per cent.
“Toowoomba is a steady market for both houses and units with a solid pipeline of projects in the region,” the report said.
Vacancy rates for rental properties also increased during the past six months, but the report found it within a “healthy range”.
Despite the outlook, Toowoomba was still considered a “strong regional performer” and compared favourably with Mackay, Gladstone and Rockhampton.
“In a climate where regional residential markets have been challenged, this is a noteworthy result,” the REIQ said.