Toowoomba’s property market is emerging as one to watch for investors, with several leading property sources taking note of exciting developments in the Garden City recently.
A report from leading independent property advisor Michael Matusik has anticipated a strong period ahead for Toowoomba with property values and rents expected to rise over the next 12-18 months. Housing demand is also expected to lift and drive sales volumes thanks to the announcement of several significant infrastructure projects in the Toowoomba region.
Similarly, influential property commentator Terry Ryder earlier this year singled out Toowoomba as a property hotspot, saying there were few better examples of the potential for investors in regional Queensland than Toowoomba.
Mr Ryder said Toowoomba ticked all the hotspot boxes - a strong and diverse economy, a growing population, plenty of infrastructure spending, a growing business community, affordability housing, and its closeness to the coal seam gas industry in the Surat Basin.
Meanwhile, Real Estate Institute of Queensland (REIQ) has revealed that Toowoomba rentals are in high demand with a tight vacancy rate of 1.5 percent recorded in June 2014. Toowoomba has not been above 2% since December 2011and is the only major regional market to record positive results. Gladstone, Mackay, Bundaberg, Rockhampton and Townsville all recorded weak rental market conditions and high vacancy rates of 4 – 6.8%.
Heritage Bank CEO John Minz said Toowoomba’s affordability and convenience was part of the appeal for both residents and savvy investors.
“Many people are searching for convenience in an often busy lifestyle and that’s what the Toowoomba region offers.
“It has all the benefits of urban living in a family-friendly atmosphere with health, education, recreation, cultural, retail and dining and transport facilities right at your doorstep.
“It’s also perfectly positioned at the junction of several major highways providing easy access to the hustle and bustle of Brisbane and the Gold and Sunshine Coasts.”
Mr Minz said the announcement of significant regional infrastructure projects such as the Brisbane West Wellcamp Airport, the Second Range Crossing and the $300 million redevelopment of the Gardentown and Grand Central Shopping Centres had further bolstered Toowoomba’s potential as a property hotspot.
“Toowoomba has a growing list of new investment projects flowing into the region, bringing some great opportunities for social and economic development.
“The Brisbane West Wellcamp Airport will improve connectivity for people in the Darling Downs region and provide new export opportunities for farmers and agricultural businesses.
“Hopefully this, combined with other exciting infrastructure projects in the works, will have a positive flow-on effect for the community with more jobs, enhanced services and better infrastructure.
“The Toowoomba area is definitely one for property investors everywhere to consider.”