Toowoomba Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Toowoomba* recorded a median house price of $670,000, and a median unit price of $450,000. This represents annual (Q2 2023 – Q2 2024) growth of 17.5% for houses and 25.0% for units. Comparing Q2 2023 vs Q2 2024 house sales decreased, by -1.7% (to 635 sales in Q2 2024), which suggests an undersupplied house market. In the same comparison unit sales increased, by 8.4% (to 219 sales in Q2 2024). This reflects higher demand. This created a buffer against higher interest rates, thus price growth for both houses and units. This confirms that now is an ideal opportunity for owners to capitalize on their investments.
CHANGE FROM LAST
YEAR
Toowoomba will see approximately $245.0M of new projects commencing construction in the 2nd half of 2024. Residential
$27.0M
HALF YEAR
Mixed-Use
HOUSE SALE S
$62.9M
Commercial
$103.4M
HOUS E ME D IAN PRICE HOUS E RE NTAL PRICE
UNIT S AL E S
Infrastructure
Industrial
$32.5M
$19.3M
A main infrastructure project in the 2nd half of 2024 is the Baillie Henderson Hospital - Rush Refurbishment ($8.0M). A State Government initiative, this will create staff accommodation, offices and meeting rooms.
UNIT ME D IAN PRICE UNIT RE NTAL PRICE
Key projects that add to residential stock include:
$
•
MARKET CONDITIONS
Eustondale Masterplan Glenvale Residential Subdivision Stages 1-2 (55 Lots)
•
SALES
1-3 Mylne St Mixed-Use (8 units and 4 townhouses)
•
7-9 Kitchener Street Units (19 units)
MEDIAN PRICE Q2 2024
$670K
$450K
MEDIAN PRICE Q2 2024
$515
AVERAGE DAYS ON MARKET Q2 2024
41
22
HOUSE
U N I T
RENTALS
$410
All residential projects planned will only add units, townhouses and land lots (which takes time to develop). The absence of new stand-alone dwellings will further push up house prices.
AVERAGE DAYS ON MARKET Q2 2024
20
18
HOUSE
U N I T
35 Units/ Apartments
4 Townhouses
100 Lots