Hot property: Toowoomba homes shatter $1m price tag
PRESTIGIOUS properties on Toowoomba's fringes are fetching more than $1 million, but you'll have to be quick to buy.
Homes with unrivalled views close to premier private schools are in big demand by both local and out-of-town buyers who are not hesitating to pay in excess of $1m for the estates.
Peter Snow and Co Toowoomba principal David Snow said the city's strong economy was driving the top end property sales.
Mr Snow yesterday settled a $1.3 million East St home, sold to a local family looking to snare a foothold in what he called the Golden Triangle of properties.
- Million dollar mansions prove hot property in Toowoomba
- City's million-dollar homes in high demand
- Record-breaking $1.25 million home sells in Preston
The property sold within three weeks of being listed for sale by auction.
"The average time spent on market, I would think, for these homes is just over 60 days," Mr Snow said.
"Some are selling within 30 days, others in four months.
"That's a strong average and sales in this price range reflect positively on Toowoomba's real estate market as a whole."
Mr Snow said the multi-million dollar sales impacted positively on house prices in lower-priced suburbs.
"But it's not investors buying, it's owner-occupiers," he said.
He said the Golden Triangle for property prices existed between Curzon, Margaret, Campbell and Wirra Wirra Sts, particularly for the close proximity to world-class schools.
"In the 30 years I've been in real estate, you had to pay for the privilege (and) the land value there is the highest per square metre than any other suburb."
But million-dollar sales are not confined to that area, with Century 21 Marsden Realty agent Craig Horncy settling a $1.125m sale in Rangeville.
Mr Horncy said about 100 groups of interested buyers walked through 15 Crown St before he secured a sale.
The property was on the market for two weeks.
"Plenty of interest was created from the home and it sold reasonably quickly," he said.
"Typically those types of homes do take longer to sell but a shortage of properties of that quality has driven demand."
Mr Horncy said the buyers were not from Toowoomba.
"The buyers are from out of town, but their children are attending school in Toowoomba," he said.
"With good hospitals and good education and university, that has put us in good stead against other areas that solely rely on the mining boom which has affected other regions.
"Certainly Toowoomba will still service those industries, but our other sectors are very strong."