Prices justified or excessive?

PROPERTY markets have cooled in Melbourne and Sydney, as have apartment sales in Brisbane, but Matthew Newton’s report in today’s edition shows parts of Toowoomba are not following suit.

In pockets of East Toowoomba (and the surrounding suburbs of Prince Henry Heights, Mt Lofty and Rangeville), seven-figure asking prices have become the new norm over the past few months.

There are two ways of looking at this phenomenon:

Toowoomba’s east has easy access to schools and hospitals as well as parks and gardens.

Safety and convenience justify the premium prices.

But the other side of the coin is to compare the $1-million-plus listings to places where prices are mirrored: Think the Brisbane suburbs of New Farm (with a median house price of $1.474 million) and St Lucia ($1.252 million).

Both these suburbs allow people to take advantage of a capital city’s employment opportunities and offer access to sporting, dining and cultural scenes.

Toowoomba - wonderful as it is - does not offer equivalents.

Meanwhile, as Amy Lyne reported yesterday, an increasing number of families are struggling financially and appealing to charities for help this Christmas.

Ours is truly the tale of two cities.