Ipswich and Toowoomba Housing Market Update for April 2023

The cost of homes in Brisbane has been on the rise for four months straight, with a 0.14% increase recorded in April. Despite affordability being an issue, the strong demand for housing has been able to offset the negative effect. The trajectory of interest rates and the supply of housing will determine whether this stability will continue or if prices will fall again. Additionally, with Queensland having the fastest growing population in Australia, the demand for new housing is expected to exceed supply, further strengthening home values.

SQM Research has reported that sellers in Brisbane are asking for $951K for a house and $507K for a unit. Meanwhile, sellers in Ipswich are asking for significantly less, with a house costing $624K (34% less than Brisbane) and a unit costing $430K (15% less than Brisbane). In Toowoomba, sellers are asking even less, with a house costing $578K (39% less than Brisbane) and a unit costing $373K (26% less than Brisbane).

According to the Hedonix Home Value Index Report by Corelogic, both Ipswich and Toowoomba have made it into their top 10 SA3's for the highest 12-month value growth. Ipswich is ranked among the top 10 capital city SA3's while Toowoomba is among the top 10 regional SA3's.

Our affordability tests show that Ipswich and Toowoomba are more affordable than Brisbane for both houses and units for households with median or average income. This indicates that these areas may be more resilient to moderate interest rate increases. In the event of interest rate increases, housing prices in Ipswich and Toowoomba may not be impacted as severely as in Brisbane because households with median or average income will still be able to afford homes in these areas. However, it's important to note that other factors such as economic conditions and housing supply can also affect housing prices.

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