4 Trends We Expect To See In The Toowoomba Property Market In 2020
What are the biggest predictions for the Toowoomba property market in 2020?
We think we will see first-time buyers taking advantage of government schemes, more investors expanding their portfolios, and new infrastructure projects influencing local prices – here’s what to expect.
1. More buyers taking advantage of the FHOG and FHLDS
Thanks to a combination of factors – such as the Australian-wide property downturn in the first half of 2019 and the Reserve Bank’s consecutive interest rate drops – first home buyers will be more confident to enter the Toowoomba property market this year. And many of them will be eligible for government assistance.
The First Home Owners’ Grant (FHOG) means newcomers to the market can get up to $15,000 towards buying or building a brand-new home. Kicking off in 2020 is also the First Home Loan Deposit Scheme (FHLDS) which is set to help 10,000 buyers get into their first property with as little as 5% deposit – and another 10,000 spaces are expected to open up from July 2020.
Combine these opportunities with the First Home Super Saver (FHSS) scheme – which allows buyers to contribute up to $30,000 from their superannuation (or up to $60,000 as a couple) towards their first property – and it shouldn’t come as any surprise that there will be plenty of newcomers trying to enter the Toowoomba market.
2. Investing in Toowoomba will become more popular
When major cities around Australia were enduring a downturn in property prices, experts were lauding Toowoomba as one of the regional hotspots that would not only survive in 2019 but thrive.
That confidence could continue for the next couple of years at least if predictions from those in the know are anything to go by. And if the Business Council of Australia’s plan to pick 10 regional cities to power the economy goes ahead, there could be an influx of new workers to Toowoomba looking to buy or rent.
There’s no doubt about it: as one of the best regional investment opportunities in Queensland, Toowoomba will only become more popular for investors in 2020.
3. Several growth suburbs in Toowoomba will be top picks for buyers
New infrastructure, an airport that connects the city to major hubs around the country, fantastic higher-education facilities and handy proximity to Brisbane – all these factors and the great lifestyle we enjoy here combine to make Toowoomba a hugely popular place to live. And this popularity will only grow in 2020.
We expect to see several growth suburbs come into their own this year, making them top picks for buyers and investors alike.
One of the biggest winners last year was Middle Ridge, which defied national trends and actually enjoyed steady growth. It remains one of Toowoomba’s most popular suburbs thanks to its great location, family-friendly neighbourhoods and high liveability. It also helps that experts predict it will experience incredible growth over the next two to three years.
Slightly further afield but a definite candidate for biggest growth suburb of 2020 is Highfields. It’s been one of the fastest-growing areas in the state for a number of years, but plenty of new infrastructure and recent investments into Highfields is making it a popular destination for buyers.
Also expect first home buyers to seek out suburbs that combine affordable property prices, growth potential and nearby amenities. Ticking all these boxes is Centenary Heights, which continues to be a top Toowoomba suburb for those entering the market.
4. New infrastructure projects will drive population and prices
In addition to the BCA’s proposed plan to make Toowoomba one of 10 cities that helps boost the national economy, we expect a range of infrastructure projects will contribute to population growth and a greater appetite for property throughout the Garden City.
In addition to a variety of projects that have been in the works in recent years – such as Wellcamp Airport, the Second Range Crossing, half a billion dollars towards Grand Central’s redevelopment and more – 2020 will see that long-term vision continue with even more growth. And it’s this increase in infrastructure that commentators say “could be the boom Toowoomba needs”.
The Qantas Pilot Training Academy has been big news in the Garden City for a while, and it’s about to open its doors and welcome 250 pilots to the city annually. The airport will also play a crucial role in a $10.6 million medicinal marijuana project that will produce and export 500 tonnes of cannabis at an operating centre near Wellcamp. Then there’s the $7.5 million in funding that’s been committed to the Highfields to Toowoomba cycleway project, to be completed mid-2020.
All these projects mean we’ll see more jobs created, a rise in Toowoomba’s population and, inevitably, greater competition for property, which could have a positive influence on the market as a whole.
Jump into the Toowoomba property market today
Are you a first home buyer looking to take advantage of government grants? Or are you an investor trying to find the best up-and-coming suburbs in Toowoomba? Whatever your needs, we can help you find the right property – so contact an experienced local agent today.