Where to buy a home
Report suggests Toowoomba an affordable option
TOOWOOMBA is one of the most affordable places in Australia to buy a home, a new report has revealed. The Herron Todd White residential month in review report for Junesaid the Toowoomba property market had remained steady. “The total number of properties listed for sale year on year is similar, however sales volumes have continued to soften over the past 12 months and values have remained steady,” the report said.
“The Toowoomba property market is relatively affordable when compared to many locations in Australia, therefore half a million (dollars) can purchase a wide range of properties.
“The $500,000 price point is mostly dominated by the owner-occupier sector and comprises many different properties such as renovated older character homes within the established inner suburbs, original and renovated 1970s to 2000s brick homes in many suburbs, new houses in developing areas and homes on larger acreage lots in close-by neighbouring suburbs.
“Investors are far less active above the $400,000 price point in Toowoomba.”
The report said its $500,000 price point was well above the median house price for Toowoomba and surrounding suburbs, which was around the $390,000 mark.
“Therefore, there are many areas across the region where homes can be secured at this price,” the report said.
“Areas which may generate superior capital growth or resale appeal are likely to be concentrated in the eastern suburbs including Mount Lofty, East Toowoomba, Rangeville and Middle Ridge.”
The report said it was also possible to secure two dwellings at the median price point in Toowoomba.
“Some older style detached dwellings (two to three-bedroom, one-bathroom) in the western suburbs including Harristown, Newtown and Wilsonton are selling at between $200,000 and $300,000 and can provide strong rental returns,” the report said.
“Two older style or even semi modern strata units can easily be purchased for under or up to $500,000, reflecting the affordability of the Toowoomba residential market.”