Buyer confidence is reigniting the Brisbane property market and creating favourable conditions for those looking to sell in Toowong.
With few homes currently available for sale, could now be an opportune time to sell in Toowong?
Brisbane’s inner-western suburbs were largely insulated from the housing market decline.
Property values softened slightly, but this was more a reaction to everyone choosing to “wait and see”, whilst navigating the election and tightened lending, rather than any long-term falls in property value.
Growth in Toowong property prices
According to Tim Lawless of CoreLogic, “Brisbane posted their second consecutive month of subtle gains” noting that “overall dwelling values tracked 0.2% higher for both July and August.”
By comparison in our western suburbs, Toowong has recorded 1.19% MOM growth and Indooroopilly 4.74% MOM growth.
Taringa remained flat but recorded 2.85% growth for the previous month.
St Lucia was the only suburb to record a minor decrease of 0.05% MOM.
Sold | 20 Victoria Street, Indooroopilly $1,405,000
Over the past two months there has been a noticeable increase in activity throughout Brisbane’s inner-west, which local homeowners are starting to recognise.
We’re seeing healthy numbers through open homes, including the apartment and townhouse sector.
Properties are also recording low days on market, which demonstrates that confidence and stability have both returned.
Limited homes for sale in Toowong
Despite these positive signs, the number of houses in Toowong coming on the market for sale remains 32% lower than recent years.
Sellers are reconsidering their property plans, but they’re taking a little longer to jump back into the market, than the buyers.
This means there are very few homes currently available for sale, but an eager number of buyers wanting to secure their home before Christmas.
Sold | 44 Gregory Street, Toowong $1,248,750
According to Realestate.com.au, there are only 4 houses in Toowong between $600,000 and $900,000 currently for sale.
Another 6 in that range are already under contract. In the next bracket of $1M-$1.5M there are 8 properties for sale in Toowong with 3 under contract.
Toowong the most in demand suburb
Realestate.com.au also revealed that real estate in Toowong is currently the #1 most in demand in Brisbane.
This means there are more buyers searching for property in Toowong than any other suburb.
Coupled with a shortage of homes coming on the market for sale, it has created increased demand for the area.
Sold | 43 Vera Street, Toowong $745,000
With buyer activity ramping up, market sentiment is taking a positive shift and the traditionally busy Spring selling season is upon us.
This could present an opportune time to sell in Toowong.
If you would like to discuss your options and find the best plan for your family, please contact us today. We would be happy to help you.
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