March Market Update
Toowoomba is certainly the place to be at the moment. The vast number of infrastructure projects committed to our region has become the envy of a number of other local Councils. Today, we thought we would cap off 8 of the biggest in town that you need to be aware of which once again cementing that Toowoomba is a fantastic place to invest, work and live.
We’re coming to you from the Toowoomba Golf Club in Middle Ridge, where an application for the first project on our list has been lodged with council for a 78 apartment retirement village. The $30 million proposed development will take over the current overflow cark park and golf buggy area near the clubhouse. All going well, the developers are hopeful that the project will commence in September or October of this year.
Number 2 is the much-anticipated South Central precinct on Ruthven Street that Bernoth Holdings is developing into a multi-storey high-rise hosting units, restaurant, retail and office space, has commenced. The development is expected to be completed by late 2018.
Number 3 is Pradella Property Ventures have commenced construction of a $71 million Hamptons-style retirement resort in Hampton Street. The Harristown resort will house 162 dwellings for over 50’s and will include a country club and a summer house.
Number 4 is from supermarket giant Aldi who will be stepping up their imprint on Toowoomba, with 2 stores currently in the works around our region. The first will take place of the previous IGA at Bridge Street Plaza in Torrington which closed suddenly more than a year ago, and the second opposite Highfields Village Shopping Centre on Highfields Road.
Next at number 5 is the suburb of Highfields. She is gearing up for a “local centre” after preliminary approval from the council on a development to a 25 hectare allotment which will include the construction of a shopping centre, indoor sports and recreation facility, health care and vet services and food and drink outlets. Kath Dickson Family Centre has also been given the go ahead to build a childcare centre on Oval Street, which will cater for up to 75 children.
Number 6 is a huge FK Gardner Data Centre which is on track to open early this year. The $40 million project based in Wellcamp is an impressive construction designed to withstand fire and flood, and is the first of its kind in regional Australia. It will comprise of 3 separate buildings, each with its own mechanical and electrical infrastructure.
Number 7 is the township of Cambooya which is set to boom, with a land subdivision of 113 lots already underway, now coupled with a new medical centre that has been approved by council.
And finally number 8 is a little different. You may not be aware but education is one of our cities biggest exports. As such we wanted to mention that Toowoomba Grammar School students are soon to benefit from the new, state of the art, dual level sporting stadium. The stadium will include basketball and volleyball courts, an indoor cricket pitch and an assembly area large enough to host all school students and teachers. The stadium has been an investment of $14 million and has included the demolition of 2 existing schools buildings. This ensures that the premiere Toowoomba school continues their appeal as a significant regional boarding school in Australia
Toowoomba has seen continued interest and confidence from private investors, Toowoomba Regional Council and the Queensland Government in the city’s growth. We’re excited to continue to watch the progress of these developments as they continue to unfold.
In terms of sales, our office secured 40 contracts throughout March between our 9 agents as well as listing 40 properties fresh to the market.
As we turn our attention to the rental market in Toowoomba, in March alone RE/MAX Success serviced 1,640 unique tenant enquiries, conducted 265 property inspections, processed 170 tenancy applications and secured 51 new tenancies. Our vacancy rate as at the 31st of March remains significantly lower than the average in our area.
On behalf of the Daniel Burrett Team, thank you for watching, we look forward to keeping you updated over the years.