The REIQ recently reported the latest housing market statistics which showed Toowong median house price at $827,500. That is a slight decrease by -0.6% over the last 12 months but an increase of 22.9% over the last 5 years. In the 2nd quarter of 2018, there were 9 homes sold in the suburb.
“In my opinion, buyers in the property market for 2017 were almost in a frenzy to secure a property as supply had begun to tighten 2 years earlier and they had been starved of properties for sale,” said Byrony O’ Neill based in Auchenflower.
“They were seeing fewer homes on the market and therefore weren’t questioning the asking prices of Sellers. There were some record prices achieved in this year. For 2018, I feel the buyers are taking a step back and analysing if the price of the property they are considering, represents value.
“Most house buyers in the suburb are shopping with a budget of between $900K to $1.5m and are looking for 4 bedroom homes on 600sqm or more allotments, with first home owners targeting apartments as an entry into the suburb.
“I believe there are fewer buyers through the open homes this year as people either bought in 2017 or decided to stay and renovate due to not being able to find another property to relocate.
“With a steading increase in the Toowong median house price, sitting at $860,000 way above the Brisbane median house price of $680,000, Toowong is out-performing most suburbs with property values and desirability,” O’Neill said.
O’Neill said she noticed a trend that has become more apparent this year and that is the increasing demand for properties which can be demolished or vacant land within the inner-western school catchment zones.
“Properties within close proximity of these schools are increasingly in demand and are a major driver in a buyer’s purchasing decision. Buyers are choosing to buy into school catchment zones, demolish the original property and build a home which is perfectly suited to their family,” she said
‘No Frills’ Units
“Buyers for apartments are active in the market, but they are particular about where they are willing to invest,” said O’Neill.
“Despite an oversupply of units in the Brisbane market, older style apartments in small, low maintenance complexes with reasonable body corporate levies are selling in record time.
“Whilst they may not be able to compete with the brand new boutique apartments, they offer an opportunity for buyers who recognise the potential of adding modern improvements. These apartments tend to be generous in size with solid foundations that are ideal for renovating. The buildings are also smaller which appeals to buyers searching for a ‘no frills’ complex and low body corporate fees – something that is difficult to find in the abundance of the new, resort-style complexes.”