Toowoomba Property Report: August 2024

Toowoomba Market Overview

The Toowoomba property market has shown resilience and moderate growth over the past quarter. According to CoreLogic's August 2024 report:

• Quarterly Growth: Dwelling values in Toowoomba increased by 1.2% over the last three months. This growth, while modest, reflects a stable demand for properties in the area.
• Annual Growth: Over the past year, Toowoomba has seen a 6.5% rise in dwelling values, indicating sustained interest and investment in the region.
• Median Time on Market: Properties in Toowoomba have been selling faster, with the median time on market now at 30 days, down from 35 days the previous quarter.
• Rental Market: The rental market in Toowoomba has experienced a 5.8% annual increase in rental rates, suggesting a growing demand for rental properties.

Regional Queensland Overview

Regional Queensland continues to perform well, with several key trends highlighted in the CoreLogic report:

• Quarterly Growth: Dwelling values in regional Queensland rose by 1.3% in the last quarter. This growth is consistent with the overall positive trend seen across regional markets in Australia.
• Annual Growth: Over the past year, regional Queensland has seen a 7.9% increase in dwelling values, outpacing many other regional areas in the country.
• Sales Volume: The number of property sales in regional Queensland has increased by 7.0% compared to the same period last year, indicating a robust market with strong buyer interest.
• Median Days on Market: The median days on market for properties in regional Queensland have improved to 28 days, reflecting quicker sales and high demand.

Key Factors Driving the Market

1. Population Growth: Both Toowoomba and regional Queensland have experienced population growth, driven by affordable housing and a desirable lifestyle, attracting both families and retirees.
2. Infrastructure Development: Significant infrastructure projects, including transport upgrades and new community facilities, have enhanced the attractiveness of these areas.
3. Economic Stability: The stable economic environment in Queensland, supported by diverse industries such as agriculture, tourism, and education, has bolstered property market confidence.
4. Government Initiatives: Incentives and support for first-home buyers and investors have also played a role in maintaining market momentum.

Outlook for the Coming Months

The outlook for Toowoomba and regional Queensland remains positive. Continued infrastructure investments and population growth are expected to sustain demand for properties. However, potential interest rate changes and broader economic conditions will need to be monitored as they could influence market dynamics.

In conclusion, Toowoomba and regional Queensland have demonstrated steady growth and resilience in the property market. With continued economic and infrastructural support, these regions are poised for sustained development in the coming months.

Full CoreLogic report here.