House market holds steady
Antonia Mercorella REIQ CEO
THE Toowoomba house and unit markets have been one of the best-performing regional markets in recent years.
Jobs growth due to the Wellcamp Airport and Second Range Crossing have kept population growth steady and demand for accommodation strong.
However, the quarterly performance for both houses and units has diverged sharply from this growth trend.
Houses fell 3.8% and units fell 7.1% in the June quarter.
Over the past 12 months the house market growth has levelled off, with no falls and no growth, holding steady at $352,000. Compared with five years ago, this represents growth of 22.6%, which is excellent growth for a regional market.
Units fell over the past year, down 3.2% to $300,000, however, compared with five years ago, the market is still strong, up 23.5%.
The Ipswich market, much like most of the south-east corner of Queensland, has delivered steady growth over the past year and five years.
Combined with its affordability (it’s the most affordable LGA within Greater Brisbane), this area offers good opportunities for first home buyers and entry level investors.
The annual median house price has grown 2.2% to $332,000 (for properties on less than 2400sq m).
This part of south-east Queensland is earmarked for significant population growth over the next 20 years and with major infrastructure spending already under way that growth is a certainty.
Masterplanned communities throughout the south-east corner are offering highly attractive buying opportunities.
Warwick has delivered small levels of capital growth for property owners over the past year and five years.
This market offers an annual median house price of $249,000, which is up a fraction on this time last year, by 1.6%. The Warwick house market has grown almost 7% over the past five years.
This growth is not as strong as nearby Stanthorpe, which grew 12.4% over the past five years.
However, it’s better than northern neighbours Dalby and Chinchilla, where the markets have fallen sharply.