THROUGH THE ROOF

HOME prices in Toowoomba are set to increase by one of the highest margins in the country, according to market researchers.

Australian Property Monitors senior economist Dr Andrew Wilson said the market was primed for an eight per cent price hike by the end of 2014.

It is the fourth biggest projected increase in Australia, falling just behind Brisbane’s Dutton Park and Redbank Plains and Sydney’s inner-west at 10%.

“Toowoomba has been one of the star performers of the Queensland market in the last year, if not the best,” Dr Wilson said.

“Prices grew 8.5% last year and we would expect that to continue.

“Brisbane prices grew by 4% meaning Toowoomba is growing at about twice its rate.”

“We expect this to open the floodgates to non-local investors,” he said.

“It can be a good thing in the short-term but might mean a price correction in the long-term, as we have seen happen in Gladstone.”

Peter Snow and Co principal David Snow said growing confidence had increased the number of sales by 25% in the past year.

“We’re expecting continued growth in 2014 but it’s hard to speculate beyond that.”

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