Bottom of residential market

TOOWOOMBA’S residential real estate market is at the bottom of the market, a recent report from Herron Todd White has revealed.

The August Market Monitor showed Toowoomba at the bottom of the market on the property clock, but gave hope things would improve.

“Toowoomba is now the second largest inland city in Australia and has emerged as one of the most dynamic regional cities in the country in recent years,” the report said.

“The property market has been driven by sound economic and population growth which has provided a blend of opportunity and stability.

“Combined with recent infrastructure and lifestyle enhancements, Toowoomba has cemented its position as the capital of the Darling Downs and south-west Queensland.”

The report said Toowoomba’s unit market had seen low sales volumes due to oversupply.

“Detached housing on small lots is growing in popularity throughout the Toowoomba area, particularly in the older areas close to the CBD. Many infill blocks have been sub-divided into smaller lots or have had unit complexes built on them,” the report said.

“Key development areas including the suburbs of Glenvale, Cotswold Hills, Torrington, Kleinton, Highfields, Cambooya and Westbrook are also seeing a concentration of small lots which could result in an oversupply of product as infrastructure projects come to a close and workers vacate.

“This small lot product is still meeting some local market resistance with buyers often represented by absentee investors buying house and land packages.”