Prestige property sales bouyant

Multi-million dollar residences help enhance the quality lifestyle available in the Toowoomba region

PROPERTY sales for more than a million dollars are no longer unusual in Toowoomba with a substantial number of big ticket deals racked up already this year.

According to CoreLogic figures, 71 residential or farming properties sold for $1 million or more in the first six months of this year.

Many regional property markets were continuing to outperform capital cities, with new figures revealing a lift in million-dollar property deals in the past year.

New analysis by CoreLogic found in the combined regional markets 4.7 per cent of all houses sold for at least $1 million compared with 4.3 per cent the previous year.

At the same time 4 per cent of all units sold in the past year were for at least $1 million.

This was a record-high for the unit market, up from 3.7 per cent the previous year.

CoreLogic analyst Cameron Kusher said regional areas had been outperforming the capital cities in the past 12 months.

“So, I think it is not really too much of a surprise, that you are seeing the share of million-dollar property sales in those regional markets higher than they were a year ago.”

Mr Kusher said even though property markets in regional Australia were outperforming capital cities, it was slowing.

“So I wouldn’t be surprised if we actually see a lower share (of million-dollar sales) in 12 months’ time in those regional areas.”

Mr Kusher said the million-dollar regional market had been driven in part by buyers from Sydney and Melbourne who had made a lot of money on their property and had made lifestyle purchases in the regions.

Million-dollar plus sales within the Toowoomba area already this year include a property at 7 Bridge St, Mount Lofty which changed hands for $2.9 million in February.

According to CoreLogic the home has four-bedrooms and is on 7446sq m of land.

East Toowoomba had a high number of million dollar plus sales in the first six months of the year, including a house at Mayes Street, on 2061sq m of land which sold in January for $1.9 million.

Other million-dollar plus sales in East Toowoomba included a house in Campbell Street for $1.45 million, another at Sinclair Street for $1.335 million and Curtis Street for $1.302 million.