Developers to drop new neighbourhood into Toowoomba
A sizeable parcel of land that is tipped to become Toowoomba’s next neighbourhood has hit the market, with high levels of developer interest expected due to the rarity of its central location and existing council approvals.
The 7.8ha parcel of land at 93-99 Hampton St, Harristown, about 4km south-west of the Toowoomba CBD, is adjacent to parklands and only a short walk from the nearby Harristown High School.
The site has approvals from Toowoomba Regional Council for a residential development of 121 lots to be built over stages, with a variety of lot sizes to appeal to a range of end users, including a proportion to be utilised for affordable housing.
Historic property: Queensland’s iconic Nindigully Pub on hunt for new owners
Darryl Green, from Colliers International Toowoomba, says it took some time for the proposed site use to receive the all clear from council.
“Under Toowoomba Regional Council’s new medium density planning scheme a subdivision like this would have difficulty making it through the development process,” Green says.
“But it managed to get through after great negotiations with council.”
“The developer who takes this up and takes it to the market will have a unique product with a lot of variety.”
The proposed development site in Toowoomba.
It is expected that any future development will include the creation of a park and landscaped playground to contribute to the lifestyle and amenity of the local area.
The Harristown property is being sold via an expressions of interest campaign that closes on October 24.
According to property valuation and advisory group Herron Todd White, to date the September 2016 quarter is returning a median house price of about $330,000 in Toowoomba, though the sample size is limited.
The developer who takes this up and takes it to the market will have a unique product with a lot of variety
“While this is proving to be a slowing market, the capacity for long term gain remains attractive to first home buyers, upgraders and renovators due to Toowoomba’s relatively affordable price points,” the group says in its October Month in Review.
Herron Todd White notes that 40% of all house sales recorded over the past 12 months are between $300,000 and $400,000, with suburbs including Harristown proving popular, as well as new subdivisions situated further from the CBD.
“Overall, while the relatively strong sales and price growth demonstrated in 2015 has not been met this year, the current cooling of the market may stabilise with large infrastructure projects currently under construction, including the second range crossing and QIC shopping centre development acting as catalysts for future economic growth across the region,” the report says.
