Why The Toowoomba Property Market Is A Good News Story
There’s so much to love about living in Toowoomba – the culture, the community, the vibrant scenery.
But homeowners are counting themselves exceptionally lucky after the Toowoomba region, for the most part defied the national housing downturn and is looking ahead to major growth. Here’s why the Toowoomba market continues to be a good news story.
Standing out from the crowd
While it’s true that Toowoomba property prices started to slow towards the end of 2018, when the tide really turned in a number of major Australian areas in 2019, the Garden City stood strong. In fact, while the rest of the country was enduring a serious decline across the market, experts were reporting that the Toowoomba residential property market was steady.
Some suburbs were even predicted to see growth during a time when most of the media was focused on a potential housing price collapse. Middle Ridge, for example, has been tipped as one of the top suburbs to see incredible growth over the next three years.
Changing lending conditions welcoming first-time buyers
Since the Banking Royal Commission earlier this year, there have been a number of big changes to how banks and alternative lenders assess and approve home loans. While this move towards tighter lending restrictions may make it harder for some buyers to get a larger home loan, it will ultimately protect homeowners from taking on too much debt.
The good news is that Toowoomba is one of a few populous regional markets that is seeing positive signs of improvement in the housing market. This, coupled with the fact that Toowoomba has lower median prices than the Gold Coast and the Sunshine Coast, could make the Garden City the ideal place to buy.
Finally, a new initiative by the Federal Government is aimed to help first-time buyers get into the market. The First Home Loan Deposit Scheme will begin in January 2020 and will assist eligible buyers with a deposit as low as 5%.
Toowoomba housing prices are set to soar in the coming years
Toowoomba’s good news story continues for those looking to get into the market in the near future. While prices, for the most part, have remained steady in 2019, there’s the potential for serious growth in the coming years.
Toowoomba was named by experts as one of “the best places to escape Australia’s housing downturn doom and gloom”. But more importantly, data suggests Toowoomba property – and Middle Ridge in particular – will see 23.90% growth over the next three years, boosting the median price by more than $125,000.
Continual investment in education
Buying in a new city or moving to a different suburb isn’t always about money. For young families and upsizers, they want to know the local amenities will meet their needs. In Toowoomba, education has seen a serious investment from the state government in recent years.
Both Harristown and Centenary Heights state high schools are receiving $15.4 million and $10.5 million, respectively, to grow their infrastructure. And for the region’s biggest higher-education provider, a $16 million Agricultural Science and Engineering Precinct recently opened at the University of Southern Queensland.
Your new property journey starts here…
If you’re ready to take advantage of all that the Toowoomba market has to offer, contact an experienced local agent today to find your ideal home.