Toowong 2020 | Property Market Trends
Nestled in the foothills of Mt Coot-tha, Toowong is one of those fantastic inner-city suburbs that enjoys the best of both worlds.
People are drawn to the area because of the character homes, great schools, buzzing shopping precinct and proximity to the city. There is a unique lifestyle on offer in Toowong, where residents can ride or walk along the river to work and return home to a leafy, peaceful neighbourhood filled with parks and leisure activities.
Toowong’s enviable lifestyle is further enhanced by Mt Coot-tha, which the Brisbane City Council has recently committed $14.8M to improving over a period of four years. In 2019, the popular Summit Trail reopened after the track was resurfaced, stairs and handrails were installed, and an information shelter was added.
The Council is also upgrading picnic areas in Mt Coot-tha with new barbeques and shelters, as well as improving parking and formalising the gravel car park at the Honeyeater trailhead. A new trail is currently under construction, which will connect the Botanical Gardens with the Summit and is due for completion in early 2020.
One of Brisbane’s most highly regarded schools, the Queensland Academy for Science, Mathematics and Technology, is expanding with Stage 2 of the project well underway. The $36.3M project includes a new Northern Learning Centre which will deliver educational infrastructure for the inaugural class of Year 8 in 2020.
According to Education Minister Grace, the Stage 2 expansion will support up to 96 full-time jobs and was due for completion in March 2020. By 2021, QASMT will offer a complete cohort from Years 7 to 12. As the Queensland Academy continues to expand, demand for property within easy reach of the school is being driven by both job seekers and families with students looking to enrol.
While schools are a key driving force for Toowong, the area has experienced a fluctuation in values throughout the recent property cycle. From its peak of $850,000 in September 2017, property values in Toowong declined approximately 5% where they reached a floor in September 2018. Low consumer confidence, uncertainty around taxation reform and tightened lending policies, all impacted Toowong’s property market.
Demand for Toowong remains strong
However, in the face of uncertain times, Toowong has proved resilient and we have already seen property prices bounce back. In comparison to the rest of the country, Toowong began its recovery cycle almost 8 months earlier than the major capitals. Proving that despite weaker market conditions, demand for the area remained strong.
The sale of 44 Gregory Street in Toowong is a prime example of this. The three-bedroom Queenslander had been lovingly restored by the previous owners and was brought to the market at a time when consumer optimism was only just starting to return. The property sold for $1,248,750 after 3 offers were put forward to the Sellers with the home lasting just 6 days on the market.
Unique apartments attract savvy buyers
In the apartment sector, softened market conditions haven’t helped Brisbane absorb the last of its oversupplied unit stock. However, we are seeing good results for Sellers who are willing to make their apartment stand out from the crowd. 3/19 Quinn Street, Toowong was professionally styled and attracted significant interest from buyers. The two-bedroom apartment, which included a private courtyard, received 4 offers and lasted just 7 days on the market, selling for $345,000.
The median sale price for Toowong is now $880,000 as of April 2020, which is 3.4% higher than the area’s peak back in 2017. Property prices had recovered and we were experiencing stronger buyer demand as confidence returned to the market in the first months of this year.
Throughout the latter half of March, the extent of the pandemic became more visible and many buyers sought to secure a home before stricter protocols and lending came into play. Even though we are experiencing challenging times, we are still receiving enquiries from buyers who are looking to secure a property.
Interested to learn more about Toowong?
Find out exactly what’s happening in Toowong with our 2020 Local Market Report.
- Explore the change in property values over the past 4 years
- Find out where buyers for Toowong are coming from
- Top recorded sales in Toowong
- Median sale price for houses and apartments
- Average rental values for Toowong