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March 26, 2024 by ash

New PropTrack data suggests Toowoomba’s real estate market will be in good shape in 2028

New data suggests that the median home price in the Garden City will pass the $1m mark in five years. Details here:

Within the next five years, the median house price in four Toowoomba suburbs could reach $1 million.

REA Group’s PropTrack has revealed how the local property sector may shape up by 2028.

Housing affordability remains a persistent problem 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) will surpass seven figures.

The figures may also be approaching in Westbrook ($952,000) and Mount Lofty ($956,000).

PropTrack data suggests that North Toowoomba might have the lowest median price by 2028, at $513,000.

Toowoomba’s growth has been unusually strong since the start of Covid-19, according to PropTrack’s senior economist Angus Moore.

The Toowoomba region’s home prices have risen 52 percent in the past five years, compared to 58 percent for regional Queensland overall.

In spite of the fact that it has grown a little slower than some other regional areas of Queensland, the broader point is that all of these areas have seen very strong growth in recent years.

During the pandemic, we saw strong demand for homes in southeast Queensland, which drove prices up very quickly.”

In a time when interest rates are beginning to bite, Toowoomba is different from other areas because it has continued to grow over the past year.

Prices remain bolstered by strong demand, he said.

Toowoomba’s prices have increased over 8 percent in the past year, much stronger than much of the country, where prices have fallen as interest rates rise.

Moore said the 2028 forecast could materialize, but some heat would leave the market in the future.

Considering the pace of growth over the past five years – and what it would mean for median prices if it were to happen again – he underscored just how unusually strong the past five years have been.

The price of homes across regional Queensland, including Toowoomba, has risen by more than 50% since the pandemic.

Prices nationwide grew 23 percent in 2021 alone, to put it into perspective.

Since 1880, that was the third fastest year for price growth.

Over the next five years, it’s unlikely that we’ll see such a pace of growth again.”