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$2.5m in room auction offers new hope for Toowoomba market

By Melissa Peters

Investors and home buyers are starting to show confidence in the Toowoomba market again, based on the strong results at our first in room auction for 2020.

We enjoyed a clearance rate above 50 per cent for the first time in months at our Tuesday night event, with four of seven properties selling for the combined $2.5 million.

Principal Lindsay Southwell said “It’s an excellent result because it’s across a number of properties. We sold a prestige property, a rural property, a little renovator on North St and another property in Glenvale. We had in excess of 120 people in the room and 38 registered bidders. “We were selling them at 35 per cent last year, so this is a big increase.”

This result follows a similar trend across the state last week, which saw a 57 per cent clearance rate.

Mr Southwell said he believed investors were finally returning to the Toowoomba market after a quieter 2019. “We had 166 inspections on our properties last week. We haven’t seen that level for a little while now,” he said.  “There are upgraders, downsizers, but the big thing is investors are coming back. We’re seeing more investors now than we have for the past two years. I think it’s the interest rates that are affecting it. “In Toowoomba we can get good yields, and a lot of self-managed superannuations are looking for a good yield.”

With our next in room auction to be held on Wednesday 19th February, our team is looking forward to celebrating the same success and we hope to see you there to join in with the action!

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