2021 Toowong Property Market Outlook
We find out what’s happening in the 2021 Toowong real estate market.
2021 Toowong Real Estate Market
Just a stone’s throw from the city, real estate in Toowong has gone from strength to strength in 2021, with many families and professionals drawn to the enviable inner-city lifestyle on offer.
A buzzing hub of restaurants and cafes, with great schools, parks including Mt Coot-tha and active transport options, have made Toowong a desirable suburb for many.
In the past year, we’ve seen West End’s culinary institution The Gunshop Café open its second location on Jephson Street, the Vera Street Community Garden reopen to the public and the cherished Goldicott House saved from redevelopment.
Government commits to building new primary school near Toowong
This year, Toowong’s appealing lifestyle and community spirit is being further enhanced by a number of key projects. The State Government has committed $65M to building a new primary school in the area, which will alleviate overcrowding and support the growing number of young families in Toowong.
Discussions between the local government and the community are currently underway to decide the most suitable location for the new school. Once the site is approved, the government hopes to have the school open for day 1, 2023 and delivering classes from Prep to Year 6.
Real estate in Toowong to benefit from connections to West End
A green bridge connecting Toowong to West End is also in the pipeline, with Brisbane City Council aiming to make it easier for residents in Toowong to get around the city. This new green bridge will offer locals direct access to markets, restaurants, art, music venues and the green spaces in West End.
Again, the discussion revolves around where the bridge should be built. The community has indicated that the old ABC site on Archer Street would be ideal, as it also offers space for a 1,500sqm riverside park.
We know that green space, tree cover and walkability are important factors buyers consider when deciding where to live, so enhancing these areas will have a positive impact on the long term property values in Toowong.
Popular ideas for the park include a public pool and kid’s playground, space to host markets, plenty of shady trees, gardens and picnic areas, and a stage for events and performances. The green bridge would conveniently link up with Toowong Village and the new “Aviary” development which has just been given the green light.
Toowong’s new central hub The Aviary to start construction
This $450 million development, which will be located on the corner of High Street and Sherwood Road, is expected to start construction in late 2021 and be completed in 2023.
The Aviary will compliment Toowong’s existing main street and offer retail shopping, an outdoor dining precinct, cinemas, gym and childcare centre, as well as residential and office space.
State Development Corporation managing director Ross McKinnon has said the project aligns with Brisbane’s current trends in urban planning.
“We expect to see more office users make the shift to central hubs like The Aviary for lifestyle benefits, where everything you need is at your fingertips and you don’t have to travel into the CBD.”
Working from home shifts what buyers want in a property
We are already seeing this trend in Toowong, as house hunters search for properties which can accommodate more flexible working arrangements and lifestyle needs.
Buyers are looking for properties with dedicated home offices and easy access to the CBD, for the days when they need to be in the office.
Toowong is actually one of the only suburbs outside of the CBD that has access to all forms of mass transit, including the CityCat, train, bus services and the Bicentennial Bikeway.
Demand for real estate in Toowong reaches record levels in 2021
With so much on offer in Toowong, it’s not surprising that demand for the area is at record levels.
More than 300,000+ searches are being made by buyers for properties in Toowong, every single month. According to realestate.com.au, that number has increased by 38% since 2020.
The flow on effect from this heightened online activity is evident in many of the properties we have recently sold.
Open home numbers are often upwards of 30+ attendees, the time it is taking to sell a property is very low and it is not uncommon to have multiple offers presented to our Sellers within the first few days of the home being launched to the market.
2021 Toowong real estate values surge by 11%
Demand has led to significant growth in property prices over the past 12 months. Property values in Toowong have increased by an impressive 11.65% since last year, with the median sale price for a house now $982,500.
Even in the midst of a pandemic, property prices in Toowong barely wavered. A small decline of 0.6% was recorded in April 2020, before property values quickly bounced back.
14 Annerley Street, which we sold in February 2021, is a record sale for a three bedroom house in Toowong. Despite occupying just 321sqm, the home ticked all the right boxes.
142 buyers came to view the property with 4 of those putting forward a written offer to the sellers. The property sold in just 16 days for $1,150,000.
Apartments in Toowong remain resilient
Apartments in Toowong have also shown resilience in the real estate market.
Property values remained stable throughout the worst of the pandemic and since then have recorded subtle levels of growth.
The median sale price for an apartment in Toowong is now $445,000 which is 3.73% higher than it was last year.
As the price gap between an apartment and an entry level house in Toowong widens, demand for townhouses in the area continues to grow.
Buyers looking to take the next step up the property ladder would have to make a rather large jump from a $450,000 modern, two bedroom apartment to a neat, three bedroom house worth $850,000.
The alternative for many buyers in this position, is to purchase a townhouse in Toowong, which typically come with a more affordable price tag of $550,000 to $700,000.
Rental values jump by $30 per week for houses in Toowong
In the rental sector, we are seeing good returns for property investors in Toowong. 3-4 bedroom houses continue to be the highest in demand as they cater for a wide variety of tenants.
At the moment, we are also seeing more people who have recently sold real estate in the area enter the rental pool, as there are fewer homes available for them to purchase in Toowong.
The average rent for a house in Toowong is currently $550 per week which is 5.7% higher than it was in 2020 – a commendable increase in rental values considering the past 12 months.
Apartments have held firm, with the average rent $430 per week in Toowong.
Researching the market?
Find out exactly what’s happening in your suburb with our free 2021 Local Market Report.
- Suburb spotlight on Toowong, Taringa, Indooroopilly and St Lucia
- Explore the change in property values over the past 4 years
- Investigate the trends affecting our inner-western suburbs in 2021