Valuations on the rise in region

Land values up 8.2% since 2016

PROPERTY values across the Toowoomba region have risen 8.2% in the two years since 2016, according to the latest valuation performed by State Valuer-General Neil Bray.

Mr Bray’s 2018 Property Market Movement Report, said the number of significant infrastructure projects in the region had underpinned growth in the Toowoomba economy.

“These projects have created confidence within Toowoomba City. This is further supported by the effects of the continued strengthening beef commodity prices, low interest rates, and the general demand for rural land across the Darling Downs, resulting in moderate increases in rural land values,” the report stated.

Mr Bray said that since the region was last revalued in 2016, there had been minor to moderate growth within the residential and rural residential markets of Toowoomba and surrounding towns.

The towns of Millmerran, Pittsworth, Oakey and Yarraman were the exception, where markets remained static, and minor reductions occurred in Clifton, Nobby, Cooyar and Greenmount.

The new median value for residential property in Toowoomba is $185,000, up 7.3%, and the new median rural residential property value is $197,500, up 5.3%.

The value of multi-unit land in the region has plateaued, increasing 0.3% in the past two years.

Meanwhile, the total value of primary production land in the Toowoomba region increased 23.3% to $2.2 billion.

Industrial land rose 5.3% in value to $775 million and commercial land rose 7.5% in value to $845 million.

“There is considerable optimism within the commercial market of Toowoomba City,” the report said.

“The market for quality commercial investment properties has been robust.”