City market a steady performer

TOOWOOMBA has been a consistently steady regional performer and looking at the 12 months to June 2017, this has held relatively true, with an annual median sale price of $352,000 in June 2017, up from $350,000 in March, according to the REIQ’s Queensland Market Monitor.

Looking at the quarterly data, both the house and unit markets fell, by 3.8 per cent and 7.1% respectively.

The unit market’s annual figures reveal a moderate fall of 3.2% over the past year, reaching a median sale price of $300,000.

Over the medium term, Toowoomba remained a strong regional performer with the annual median sale price growing 22.6% for houses and 23.5% for units.

This is a good achievement in regional Queensland, considering the medium-term performance of other regional areas.

The construction of the Toowoomba Second Range Crossing (TSRC) has supported the strength of the property market over the past few years.

In FY2018, the State Government has budgeted to invest about $292 million in infrastructure projects and the TSRC is the largest recipient of the funding.

The outlook for the house market is steady and this view is based on economic benefits flowing from the infrastructure projects.

However, this quarter the REIQ has moved Toowoomba’s unit market from steady to falling, as the data indicates early signs of contraction.