Owner occupiers dominate the robust fringe market of Queensland’s Toowoomba: HTW

Owner occupiers dominate the robust fringe market of Queensland’s Toowoomba: HTW
Owner occupiers dominate the robust fringe market of Queensland’s Toowoomba: HTW

Despite the region having passed the peak of the market, Toowoomba’s fringe suburbs gained momentum throughout 2015.

These fringe suburbs are dominated by the owner-occupier sector with less investor activity than in Toowoomba, according to valuation firm Herron Todd White’s analysis of fringe suburbs in their April 2016 property clock.

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Owner occupiers dominate the robust fringe market of Queensland’s Toowoomba: HTW

For instance, localities such as Highfields and Kleinton to the north and Westbrook, Wyreema and Cambooya to the south-west have all shown considerable capital growth over the past decade, with all areas recording a steady increase in median house price. 

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Owner occupiers dominate the robust fringe market of Queensland’s Toowoomba: HTW

The median house price for Highfields and Kleinton is $520,000 and $541,000 respectively, which sits considerably above Toowoomba’s affordable median of approximately $369,000 as at the second half of 2015. So, why are these outer suburbs proving so popular? Simply, it is because purchasers are getting more for their money. Although the median price is almost 30% above Toowoomba’s more central suburbs, Highfields and Kleinton provide a high quality, modern or large home option within a mere 14 to 20 kilometre commute to the Toowoomba CBD. 

To the south of the CBD, from 12 to 22 kilometres, Westbrook, Wyreema and Cambooya offer a slightly more affordable fringe dwelling option. The median price in Westbrook is still above Toowoomba’s at $460,000, however Wyreema and Cambooya are below at $310,000 and $320,000. Similar to the northern satellite suburbs, these localities provide predominantly modern dwellings, however on a more moderate scale and with a more basic fit out. 

Overall, Toowoomba’s fringe suburbs have shown that they typically trade off a central location for a superior quality and size dwelling. In terms of investment, all satellite localities have mirrored Toowoomba’s in that median values and volumes peaked in the second half of 2014 to the second half of 2015 and have begun to show signs of flattening. There are large land development projects to come on line in areas such as Highfields and Cotswold Hills, which may stymie some of the recent growth rates as supply increases. 

Property Observer found a few recently sold homes in the fringe suburbs of Highfields and Westbrook around their median prices of houses.

A five-bedroom house at 23 Flamingo Road Highfields Qld (below) 4352 recently sold for $515,000, according to www.realestate.com.au.

Owner occupiers dominate the robust fringe market of Queensland’s Toowoomba: HTW

A four-bedroom house at 133 Main Street Westbrook Qld (below) 4350 was snapped up for $472,500 earlier this year.

Owner occupiers dominate the robust fringe market of Queensland’s Toowoomba: HTW

 

 

 

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Residential Market Dwelling Prices

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