Toowoomba Benefits From Interstate Migration
There’s something to be said for making a tree change.
More affordable housing, bigger blocks of land, a more laid-back lifestyle and a friendly community spirit. So it’s no wonder the disruption of COVID-19 has seen droves of homeowners sell their city properties and move interstate to Toowoomba. Here’s what we are seeing.
The mass city exodus continues…
There’s no denying that the initial disruption of COVID-19 had a huge impact on why many people left major cities to live in more regional areas. But what is most surprising is that the exodus is continuing more than 18 months on from the start of the pandemic. In the latest Regional Movers Index, “the number of people who made this move in the March 2021 quarter is 7% more than in the March 2020 quarter”. It’s also the largest shift since early 2018.
The growing outflow of people from capital cities like Sydney and Melbourne is seeing a raft of new ‘best buys’ in regional Queensland – in particular, Moreton Bay, Logan, Bundaberg and Toowoomba.
Moreton Bay offers proximity to Brisbane and the Sunshine Coast. Bundaberg is set for growth in the near term thanks to several big-ticket projects. And infrastructure development is “poised to propel the important regional city of Toowoomba on to the national stage,” according to some experts.
Opportunities for capital growth
Projects like Wellcamp Airport and the Second Range Crossing have made headlines over recent years, but Toowoomba is also investing heavily into jobs, education and new infrastructure for shopping centres and hospitals.
These significant investments not only make the Garden City a more attractive home for interstate migrants, but they also open up profitable opportunities for home buyers. More jobs equal more residents, which will ultimately create more competition for properties while driving down rental vacancy rates (and we’ve already seen this happen). Whether you are a home buyer looking for capital growth over the long term, or an investor seeking high rental yields in a family-friendly community, Toowoomba’s current popularity makes the real estate market an intriguing prospect.
Why are people making such a big switch?
For many who are leaving their city homes behind, it’s about more than just the potential for capital growth. Yes, there will be some tree-changers who move back to the big smoke after the pandemic has run its course, but for many who joined the interstate migration, there were other lifestyle reasons behind the switch:
- More affordable entry into the market: You can’t read about the property market in capital cities without hearing about how homeownership is out of reach for the majority of young Australians. In order to get a foot on the property ladder, regional areas that still offer all the amenities of a large city, like Toowoomba, are becoming more attractive alternatives.
- Career flexibility: For all the negatives that the pandemic has created in our day-to-day lives, it revealed that remote working is possible for the vast majority of office-based workers. With more and more businesses looking to a fully remote or hybrid work model, it means Australians can move away from CBDs and into regional areas while still keeping their jobs.
- Slower lifestyle: Getting away from the hustle and bustle of the city has been an impossible dream for many, simply because of the nature of their work. But with COVID changing the script for many industries, there’s great appeal in moving to a quieter regional city like Toowoomba for a more relaxed lifestyle.
Ready to make the move?
Whether you’re looking to escape the city for a more laid-back lifestyle or simply want to find your dream home in Toowoomba, we are your local property experts. Contact an experienced local agent today to find the right home for your needs.