Toowoomba house prices increase 40% in five years

HOUSE prices in central Toowoomba have increased nearly 40% in five years, new sales data has revealed.

House sales data from the Real Estate Institute of Queensland for the June 2015 quarter have shown median prices across Toowoomba have increased since the June 2014 quarter and over the past five years.

Houses in Toowoomba City have led the way over the past five years with the median price increasing 39.5% to $362,000.

Over five years, median house prices in Mount Lofty have increased 31.9% to $436,000 and prices in Meringandan West - outside Highfields - have risen 28% to $391,000.Despite the long-term growth, some suburbs saw median prices fall over the past quarter.

Houses in East Toowoomba dropped 10.4%, in North Toowoomba it was 8.1% and in Kearney Springs prices fell 5.6%.

REIQ Toowoomba zone chair David Snow said Toowoomba's market often slumped in the middle of the year but he believed the region would continue to boom.

Mr Snow said investment in Toowoomba was a positive sign for the city's real estate market.

"The new airport continues to see flights in and out of Toowoomba every day.

There is a $350 million development in the CBD which will change the face of the city considerably," he said.

"There is also a degree of positivity due to the second range crossing getting underway."

He said investors were not spending as much in the city as the gas industry construction boom declined.

- APN NEWSDESK



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