How New Infrastructure Is Affecting Property In Toowoomba
Investors and homeowners are benefiting from Toowoomba’s new infrastructure projects.
Here’s why the Garden City is fast becoming a property hotspot.
Whether you’re buying or selling, it’s an exciting time for property in Toowoomba. Despite market conditions cooling nationwide, new infrastructure is turning the Garden City into something of a property outlier. In fact, recent analysis shows the suburb of Middle Ridge is expected to see a 23.9% increase in median price over the next three years.
Here are just a few of the ways new infrastructure is positively affecting property in Toowoomba.
Having been in operation for a few years now, the Toowoomba Wellcamp Airport has opened up the area to a raft of travellers from all over Australia. Qantas, Airnorth and Rex offer regular flights from places like Melbourne, Sydney, St George, Cairns and more.
Owned and operated by the Wagners Group, it’s the first major airport in the country that’s entirely privately funded. Such a massive investment in the community has had several knock-on effects, most notably in opening up the region to Asia – a number of agri-businesses have started operating in the airport’s Business Park so they can send their produce directly overseas.
Qantas Pilot Academy
More recently, Qantas selected Wellcamp as one of two regional sites where it would host its Pilot Academy, set to open in September.
Qantas Group believes close to 800,000 new pilots will be needed over the next two decades, with one-third of those servicing Asia-Pacific. The training facility will not only mean the creation of new jobs, but thousands of budding pilots will be moving to Toowoomba, which will undoubtably have a positive impact on the local property market.
Second Range Crossing
It’s been a long time coming, but Toowoomba’s Second Range Crossing is nearing completion. The $1.6 billion project will divert a major portion of heavy-vehicle traffic from passing through the city, relieving pressure on local roads while also improving day-to-day life for residents.
It should be no surprise that since the announcement of the Second Range Crossing, coupled with the success of Wellcamp Airport, Toowoomba’s land values have continued to rise.
Schools, hospitals and more
With Toowoomba’s population growing year-on-year, there’s an ongoing need to invest in new schools, hospitals, shopping centres and other amenities.
The $500 million Grand Central redevelopment changed the face of the CBD while creating a host of new retail jobs, with more than 160 additional speciality stores setting up shop in the expanded centre.
Elsewhere, the Queensland Government announced last year it would be investing $9 million for a new hospital on the site of Baillie Henderson in Toowoomba North. It’s part of a wider initiative to boost healthcare facilities in the Darling Downs region.
Around the same time that announcement was made, Premier Palaszczuk also revealed major investments in education infrastructure in Toowoomba. Entirely new schools are on the agenda, as are expansion plans for large, established schools like Centenary Heights State High School and Harristown State High School.
Are you looking at property in Toowoomba?
Toowoomba is a city on the up and up. With several large-scale projects set to vastly improve the city’s infrastructure, it’s all good news for the local property market.
Want to take advantage of the Toowoomba boom? Contact the experts today to find out what we can do for you.