City's million-dollar homes in high demand
TOOWOOMBA'S real estate market has well and truly broke through the million dollar barrier with increasing sales in the top-end property market.
Canny buyers are snapping up million dollar homes considered value for money compared to other markets.
Century 21 Marsden Realty co-principal Sam Marsden said buyers were seeing a good property in the right location as being like a blue chip share.
"Once a million dollars was too much to pay for a property in Toowoomba. What we're seeing now is confidence in the market with high income earners happy to dig into their pockets for the home."
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"I think that's happening on the back of growing infrastructure and investments in Toowoomba."
Mr Marsden said one property in East Toowoomba recently sold under the hammer for $1.1 million with eight registered bidders.
"Previously, two or three bidders was a good result."
"At the moment, we're recognised across the whole country as a property hot spot. It's a good place to be."
Property analyst RP Data indicated a recent rise in the sale of multi-million dollar homes in Toowoomba with 10 properties in excess of a million sold to-date this year compared to six for the whole of 2013.
"About three years ago, there was only one sale of a million dollar property," Mr Marsden said.
Peter Snow and Co real estate principal David Snow said in the prestige market Toowoomba property offered outstanding value for money.
"To duplicate the residential amenity of a $2 million home in Toowoomba is $4 million in Brisbane and $8 million in Sydney," he said.
According to Mr Snow, the majority of buyers coughing up the big bucks for the city's hottest property were locals.
"95 per cent of the buyers of homes in excess of a million dollars tend to be occupiers and likely to live in Toowoomba. We are not finding an influx of buyers from Sydney and Melbourne," he said.
"The demographic tends to be people in their early 40s investing in expensive homes.
"In my opinion, Toowoomba people tend to pay the most for a property because they understand the intrinsic value of a particular position or style of home."
TOOWOOMBA'S MOST EXPENSIVE HOMES
- A search of RP data showed the most expensive home sold so far this year was 11 Old Toll Bar Road, East Toowoomba at $2.5 million.
- The data also showed that $3.5 million was the highest recorded private home sale to date in the immediate Toowoomba area.