New PropTrack data suggests Toowoomba real estate market prices in 2028
Five years from now, what will it cost on average to buy a home in your suburb? Some eye-watering median prices have been reported for the Garden City, including several areas that will surpass $1 million.
The median house price in four Toowoomba suburbs could be more than $1m within the next five years, according to new data.
By 2028, the local property sector may look different, according to REA Group’s PropTrack.
Affordability of housing remains an issue in Australia’s real estate market.
In just five years, the median house price in wealthy suburbs such as East Toowoomba ($1,388m), Highfields ($1.11m), Middle Ridge ($1,141m) and Kleinton ($1,003m) could exceed seven figures.
Westbrook ($952,000) and Mount Lofty ($956,000) are also potential competitors.
Using PropTrack data, North Toowoomba may have the lowest median price by 2028, valued at $513,000.
Toowoomba’s growth has been unusually strong since Covid-19 began, according to PropTrack senior economist Angus Moore.
The Toowoomba region has seen home prices rise by just over 52 percent over the past five years, compared to 58 percent for regional Queensland.
Even though it has grown slower than some other regional Queensland areas, all of them have seen strong growth.
A lot of the growth in southeast Queensland can be attributed to the pandemic.
Moore says that Toowoomba has continued to grow despite rising interest rates over the past year, making it stand out from other areas.
Demand remains strong, he said, boosting prices.
Prices in Toowoomba are up a bit over 8 percent in the past year, which is much stronger than what we’ve seen in the rest of the country, where prices have fallen as interest rates have risen.”
Moore believes that the 2028 model could materialize, but some heat would gradually leave the market.
According to him, the rapid pace of growth in the past five years – and what it would mean for median prices if it were to occur again – underscores how unusually strong the past five years have been.
Since the pandemic, prices have increased by 50 percent in Toowoomba and throughout regional Queensland.
There was a 23 percent increase in prices nationwide in 2021 alone.
There has been no faster price growth since 1880.
This kind of growth is unlikely to occur again in the next five years.