The $23.7 million sale of 542–558 Hume Street, Middle Ridge, sets a new suburb record and stands as Toowoomba's largest development deal since 2007, signalling strong market momentum.
The approximately 8.55-hectare property achieved a remarkable $277 per square metre, following an exceptionally competitive on-market Expressions of Interest campaign that generated 19 bids at close with a combined value of $338 million.
The property was sold to a private developer, marking one of the last major residential development opportunities of scale in the tightly held Toowoomba market.
The sale was managed by JLL’s Jake Burrowes and Liam Petersen.
“This transaction demonstrates the extraordinary depth of capital actively seeking opportunities in Toowoomba,” Mr Burrowes said.
“Regional markets like Toowoomba are experiencing sustained housing demand, with limited land supply and strong population growth fuelling buyer competition. The response to this campaign underscores developer appetite to deliver projects that directly address this shortage.”
The site at Hume Street spans approximately 85,480sqm across two lots and is zoned Low-Medium Density Residential.
Mr Burrowes said the flexible zoning provides the incoming purchaser with the opportunity to deliver a significant contribution to Toowoomba’s housing pipeline, alleviating pressure on the local market.
Mr Petersen said the result reflects both record land values and the growing appeal of Toowoomba as a lifestyle-driven regional hub.
“As one of the last preeminent development sites available in the city, this property presented a truly rare opportunity,” he said.
“With strong fundamentals, proximity to key amenities, and the flexibility afforded by its zoning, the successful purchaser is now well-positioned to help alleviate pressure in the local housing market.”
“This campaign outcome not only sets a benchmark for Toowoomba’s development land market but also leaves a meaningful legacy for the local community,” Mr Burrowes added.
