Housing market remains low

THE residential and unit property market in Toowoomba has remained low throughout September, according to a new report from Herron Todd White.

The September Market Monitor revealed both the residential and unit property markets were at the bottom of the market on the property clock.

“Sales activity is slow and the median price is stable in Toowoomba with the drought affecting the broader Darling Downs region likely to keep market conditions relatively stable over the next twelve months with a bump in activity expected,” the report said.

“2018 sales activity continues to be very slow with volumes in line with those demonstrated in 2011 post the catastrophic flood event that hit the city.

“Dwellings above $500,000 tend to be more influenced by seasonal variations as sales activity in these higher price brackets can be influenced by transitional workers such as school teachers, medical professionals and defence force personnel who are active buyers and sellers around the end and start of each calendar year.”

The report said over the next few months the Toowoomba market would emerge “from hibernation” of the winter period.

“Sales activity is typically much slower over the cooler months, most likely due to stable workforces and drier conditions during these periods,” the report said.

“The Carnival of Flowers ... is held once a year in September and is broadly considered the spring board for property sales in the city.

“The influx of tourists, blooming gardens and warm weather combines to increase listings and moreover, interest from potential buyers.

“The lead up to December is often the busiest time of the year in terms of sales activity as those residents with impending transfers in the new year tend to start looking at properties in the lead up to Christmas.”