Toowoomba Property Market Expected To Outpace Brisbane
Brisbane might be lining up to host the Games in 2032, but it’s Toowoomba and other regional areas around Queensland that are set to see a big surge in their property markets.
Here’s why Garden City real estate will be a hot commodity over the coming decade.
Everyone is loving South East Queensland
Whether it’s the pandemic causing major disruption or simply that more Australians want to enjoy a quieter lifestyle, residents are swapping out their capital-city homes for a regional change. According to the latest figures from the ABS, almost 12,000 people left Australia’s greater capital cities through internal migration in the March 2021 quarter. That’s the highest number since these records began in 2001.
Queensland is reaping the biggest benefits, with the state welcoming over 7,000 new residents from interstate in that same March 2021 quarter. Victoria (-4,900) and New South Wales (-4,500) – the two states hit hardest by the pandemic – saw the most number of people leaving.
While it’s bad news for capital cities, it’s a boon for regional areas, particularly around South East Queensland. In fact, a report from CoreLogic found that property prices in SEQ were likely to continue increasing over the next decade in the lead-up to the 2032 Games.
Moreover, ABC coverage about the report found that “housing values across the south-east would likely increase more rapidly than in Sydney or Melbourne, but property prices on the Sunshine Coast and Gold Coast, along with Toowoomba, would even outpace Greater Brisbane.”
So if you’re looking to buy a home in Toowoomba or expand your portfolio of Garden City properties, now could be a very smart time to take the plunge – before we see the market really ramp up over the coming decade.
Toowoomba is a dream location for buyers
One of the benefits of internal migration in Queensland is that many of those who are leaving Brisbane are looking for a more laid-back location that’s still within a reasonable drive. While spots like Broadbeach on the Gold Coast and Noosa on the Sunshine Coast offer a coastal appeal, many are turning west for a quieter lifestyle with more affordable property prices.
Being just a 90-minute drive from Brisbane is a big drawcard for Toowoomba, but it’s also the new infrastructure projects and level of investment from the state government that is turning our wonderful city into a property hotspot.
From Wellcamp Airport to transport upgrades like the Second Range Crossing, getting to and from Toowoomba is easier than it’s ever been. Add to that a wealth of jobs generated from new and upgraded schools, hospitals and shopping centres, and you can see why locals, newcomers and investors are so keen to take advantage of local real estate.
What this means for locals and investors
The good news is that regional home owners and those looking to buy in places like Toowoomba can potentially profit off the growing popularity of regional cities in SEQ. Brisbane and its surrounding areas have already been put on the global map thanks to winning the 2032 Games, and if the ABS stats are anything to go by we’ll likely see the interstate and internal migration trends continue for the foreseeable future.
That means now – not in five or 10 years when prices have really surged – is the best time to get your foot onto the Toowoomba property ladder. The evidence is looking positive that more and more people will continue moving to the Garden City, and continued investment in infrastructure and jobs will allow both the area, and the property market, to grow.
The time to buy in Toowoomba is right now
With the coming decade expected to see significant price growth in the Toowoomba market, there’s never been a better time to buy. Contact our experienced local team today to get started.