Toowoomba is experiencing price growth in 2021 which is surpassed this century only by 2003, where the median sale price increased by over 30%. Buoyed by announcements like Boeing’s commitment to the Wellcamp Airport Precinct, interest in the local region is accelerating and the capital city to regional centre migration and investment trend, first identified by demographers in 2011, steps up another gear in the pandemic environment.
Buyer demand right now also appears unaffected by regulatory changes to loan serviceability requirements. Banks must now assess new loans with an extra 0.5% provision up from 2.5% to 3% which has reduced a borrower’s $500 000 loan capacity to approximately $475 000. This measured approach is designed to slow price growth, especially in Sydney and Melbourne, to a more sustainable level and avoid a sharp correction at the end of this spectacular run.
Our calendar year auction results continue to impress with an average of 8 registered bidders per auction this year. Selected agents have a clearance rate of 100% in 2021 and with spring heating up this phenomenal trend looks likely to continue. Melbourne Cup day is always followed by the biggest auction week nationally and the action will be fast and furious again.
Ray White is a respected local brand founded in this region 120 years ago, and this international real estate juggernaut is often sought out by interstate and overseas buyers as a preferred source of agency where professional integrity and strong trust can be established quickly. Selecting your salesperson should not only factor great marketing and negotiating skills, but also where buyers are coming from and how creating competition will lead to your success.
Our recent recognition within Australasia’s Number 1 Network as a winner of the Customer Choice Award for the second year running is a source of immense pride. Contact us now for help!!