Plenty of quality houses up for grabs
Ray White Toowoomba principal sees many opportunities in and around the Toowoomba region
FOR Ray White Toowoomba principal Lindsay Southwell, the current Toowoomba housing market still offered “plenty of opportunities”.
Especially for those houses and units in the sub-$300,000 bracket.
“Value is still there,” Mr Southwell said. “It’s still possible to pick up houses under $300,000 that rent above $300 per week. And that is still a good yield for investors.
“We have seen a number of buyers prepared to offer cash at what they perceive is excellent value.”
With a lot of the focus on how low interest rates are at the moment, Mr Southwell suggests a good rate doesn’t necessarily translate into sales.
“More often than not, personal circumstances will dictate why a home goes up for sale,” he said.
“A change of job, a growing family or a marriage breakdown can all bring new stock to the market. “And, at the moment, I think we’re taking up the excess from the recent building boom and that means there’ll be more houses and units competing for the sales.
“But that’s where the opportunities are and it’s our job to get both the buyer and seller to meet the market.”
Mr Southwell said when it came to older homes, buyers were traditionally in one of two camps.
“We’ve found buyers either want to do nothing to a house (because the work has already been completed) and move straight in or they want to “do it all” in a renovation,” he said.
“And, if they are looking at a complete renovation, then they want the property at a lower price.”
Mr Southwell said sellers have to understand this and “be prepared to price their homes accordingly” – especially when there are a number already on the market.
“Buyers are looking for value, so the vendor has to make sure that the house is up to scratch.”