Toowoomba Called Upon To Power Economy
The Business Council of Australia (BCA) has called on the federal government to focus on strong regional hotspots to power the national economy.
Under these plans, Toowoomba could potentially become a major player in our country’s financial progress. This would be big news for residents and investors. Here’s why.
Advice from the Business Council of Australia
In late 2019, an Australian lobby group called on the government to select 10 regional towns that have the capacity to bolster the economy outside of Sydney and Melbourne. The proposal, put together by the Business Council of Australia, would deliver infrastructure to funnel workers into several key regional areas.
The BCA’s chief executive made the case that for too long Australia has focused on “projects rather than plans” and that an injection of infrastructure and new business into the selected areas would help stave off the economy’s worst overall performance since the GFC more than a decade ago.
The Toowoomba property market a beaming success
In addition to satellite cities like Geelong and Newcastle, the BCA suggested Toowoomba as an ideal location for the project’s ‘priority status’. This is because of its population, airport, higher-education facilities, steady property market despite the 2019 downturn, and plenty of infrastructure projects on the move.
And it’s likely that the Toowoomba property market would benefit from the BCA’s plan. Unlike most major cities around Australia, Toowoomba prices held strong throughout last year, with some areas like Middle Ridge even seeing growth while other parts of the country endured staggering losses.
If given priority status, Toowoomba would see an influx of jobseekers and new workers on infrastructure projects, creating a much larger pool of prospective buyers and renters in the region.
Toowoomba’s population growth the key
Speaking to Yahoo Finance, buyers’ agent Daniel Walsh said regional cities with a rising population like Toowoomba “will shrink supply and escalate demand – and investors can cash in”.
With Wellcamp Airport ideal for fly-in, fly-out workers, as well as the Second Range Crossing reducing heavy highway traffic and allowing a smoother journey to Brisbane, it’s not uncommon for residents to live in Toowoomba and commute to work, which Walsh says buyers in other regional cities further south in Victoria are already doing.
“Consider you can still buy a blue-chip in Geelong for just $500,000, whereas the same property would cost you millions of dollars in Melbourne,” he says.
It’s a pattern likely to repeat across the country, including in cities like Toowoomba. Evolving technology is also making flexible and remote-work arrangements more commonplace, allowing homeowners to buy in affordable regional areas but still work for companies in a capital city.
Why now is the right time for investors
If the BCA’s plan goes ahead, government and business would join forces to stimulate growth in the priority status regions, creating jobs and greater infrastructure while allowing areas like Toowoomba to truly influence the national economy.
For investors in Toowoomba, a number of forces would combine to make their properties remarkable. First, many of Toowoomba’s suburbs continue to thrive while other major cities are only beginning to steady the ship after a dire 2019. Second, experts suggest 2020 will see a substantial rise in house prices across the country, with that surge continuing into 2021. Third, if the BCA’s plan comes to fruition and Toowoomba is given priority status, it would mean an influx of newcomers to the region looking to buy or rent – which is only good news for property investors.
Strength and stability in Toowoomba property
Toowoomba is a city on the rise, and if the BCA’s assessment is anything to go by then the Garden City will play a vital role in powering Australia’s economic future. If you’re ready to invest in a healthy – and growing – property market, contact an experienced local agent today.