Multi million-dollar sales in Toowoomba cement its prestige property market

Toowoomba is home to some of Queensland’s most beautiful historic homes but when a six-bedroom property in the eastern suburbs recently sold for $2.2 million, there were a few shocked faces.

It is, after all, a suburb in what is essentially a country town, albeit a large one — but local Webster Cavanagh agent Kirstie Smolenski says Toowoomba’s prestige market is not just well established but firing on all fronts.

“Some were surprised that I cracked the $2 million mark but I wasn’t — there’s a lot of support for high end property in Toowoomba,” she says.

“That area in East Toowoomba is incredibly tightly held and highly sought-after — and not just for the suburb but that street name in particular,” she says. “I had four offers at the tender process.”

The property in hot contention was 9 Campbell Street, East Toowoomba, a gorgeous colonial residence set on 4047 square metres of elevated, landscaped land.

The house had been meticulously renovated to a luxurious standard and included beautiful open plan living rooms, spacious bedrooms, a wide central hall, 12-foot ceilings and large deep verandahs. It featured stunning outdoor living spaces complete with in-ground pool, rolling lawns with large mature trees, a self sufficient guest cottage and a floodlit tennis court.

It’s one of a number of high end deals that have been secured this year and it’s no aberration; last year’s records show the highest sale in East Toowoomba was $2.5 million but the record that remains unbroken was set in 2015, when the highest sale recorded was $3.2 million. 

Ms Smolenski says Toowoomba’s prestige market is supported largely by wealthy rural families.

“A lot of them use Toowoomba as a base for when their kids go to the local private schools. They’re bringing kids in to board and there’s so much money in that,” she says.

The house at 9 Campbell Street, as well as another stunning heritage home at 9 Fletcher Street, were both recently purchased by rural families wanting a base to use in the future for when their kids were at school, Ms Smolenski says.

“My argument has always been that we haven’t had a lot of higher priced properties simply because we haven’t had the stock. When we have the stock, I have people all over it.

“There is a big prestige market here. It’s as simple as this: we could sell more if there was more available.”

The house at Fletcher Street has just gone under contract and although Ms Smolenski couldn’t reveal the exact price, it went for close to the asking price of $1.95 million, she says.

Steeped in history, the five-bedroom, three-bathroom home on an acre of landscaped grounds was built in the 1870s, making it one of Toowoomba’s oldest residences.

It features original stone work, bay windows, gabled roof line and stunning pressed metal ceilings throughout.

“In my opinion this market will continue to grow. The liveability of this town is completely understated. The prestige market here is alive and not just well – but kicking.”

Alex Lincoln from PRDnationwide Toowoomba says that apart from wealthy rural families, the local prestige market is heavily supported by medical professionals who feel comfortable spending millions in Toowoomba because of its steady, reliable market.

“Buyers feel comfortable and confident paying these prices in Toowoomba because it’s a solid market that doesn’t have the peaks and troughs that other regional centres have had,” Ms Lincoln says.

“As a property market, it’s solid, it’s locally supported and it doesn’t have the transient population that other towns have; people come here, stay, they put down roots here and raise their families.”

Ms Lincoln says anywhere along the escarpment sells for a premium price, citing the recent sale of a contemporary home at St Ives Court, Mount Lofty, which went for $1,485,000. 

“Anything along the escarpment with views regularly sells for a high price; $1.3 million, $1.4 million. There’s one currently for sale for $1.5 million,” she says.

“Toowoomba really holds its own as a property market and has a great range of property at all price points. That said, I think it’s one of the most underpriced markets in the country. You get exceptional value for money here for the lifestyle on offer.”