Regional Queensland Is High On Investors’ Wish Lists
Prior to the pandemic, investors were – for the most part – focused on capital cities to deliver steady and long-term income streams.
Indeed, even during the height of COVID-19, the Property Investment Professionals of Australia found that 67% of investors still believed it was a good time to buy. The biggest disruption, however, was the location of those investments: regional cities. Here’s why regional Queensland, including Toowoomba, is set for a post-pandemic boom.
The seachange/treechange is seeing a resurgence
Coronavirus appears to have made many Australians stop and think about what type of lifestyle they want for the future. According to recent figures, the September 2020 quarter saw the largest quarterly shift of people moving from the city to regional Australia. Not only were non-metropolitan areas generally freer from COVID-19 cases, but there was a swell of 54,000 job vacancies drawing people to the regions.
We continue to see people looking for a treechange in the lush surrounds of Toowoomba, and hear a lot about city dwellers looking to finally make their seachange on the Queensland coast. In fact, by the end of 2020, there were multiple reports of people buying and renting houses in places like the Sunshine Coast sight unseen.
The proof is in the figures
CoreLogic statistics revealed that throughout 2020, regional housing markets significantly outpaced their capital-city counterparts by more than four times. Whereas combined capital-city regions saw modest +1.7% growth, regional Australia experienced an unprecedented +7.9% growth rate.
Brisbane is set to boom – but Toowoomba is already a standout performer
For a number of years now, it’s been anticipated that Brisbane will see a boom in homebuyers – and that’s been accelerated by the pandemic, with the Queensland capital seeing the sharpest monthly increase in house prices since 2007 in February 2021.
But perhaps the biggest drawcard of regional Queensland is Toowoomba. Thanks to multiple infrastructure projects, affordable house prices for investors and newcomers alike, and a laid-back lifestyle with all the amenities you need, Money magazine named it a standout location for places to buy property in 2021.
Regional investors have a lot to be excited about
In the early days of the pandemic, where people were making a move to the country to avoid lockdowns and the other ill effects of COVID-19, detractors may have thought this regional boom was a one-off. But the figures continue to tell a different story – that in fact it’s a long-term trend that shows consistent demand for regional housing.
That’s good news for investors, whether you want to purchase a property for long-term sustainable income, or eventually move to a regional city like Toowoomba yourself. And with remote work likely to become the norm rather than the exception across many industries, we can expect the slow exodus away from capital cities to continue for the foreseeable future.
One case to point to for investors is what’s happening in the suburb of East Toowoomba. New developments and parents rushing to enrol their children in quality local primary schools has seen record-breaking demand for units. Incredibly, unit prices in East Toowoomba have risen 79.1% in the past 12 months alone. If that’s not a sign that investors could see big returns from buying in the regions, nothing is.
Ready to join the regional investment revolution?
There’s a reason Toowoomba has been named a standout performer in the regional boom. If you’re ready to find an investment property or your forever home in the Garden City, contact an experienced local agent today.