I'm interested to hear from anyone who knows the Toowoomba property market. What's your current view of it compared to other markets around Australia? My limited view is it appears properties are much cheaper, probably because growth prospects aren't too great. Maybe the water crisis has some effect.
Another comment I heard was that there is no rental crisis as there is in the major cities, and that there tends to be an oversupply of certain types of properties.
Your input based on experience would be appreciated.
Not too experienced, But yes the water is probably an issue right now, that coupled with the fact Toowoomba had it's 'boom' about 2 years ago.
We recently sold our house there for 20K less than market value, was not impressed but had to sell in a hurry. Rentals are rather easy to come by, ours was a nice spacious brick 4 bedroom and rented for $240 per week.
HTHWe recently tested the market with our rental at Kingsthorpe, just out of Toowoomba. It is a 3 bed, ordinary home with great sheds on 1/2 acre. Agent said put it on the market for $175K, expecting to sell between $165K and $170K. It was vacant for a while and the property manager had trouble filling it. They said that fewer people were moving to Toowoomba, while the same number of people were leaving. Drought may be an issue, but there is still alot of employment there. The property manager also said something about there being less demand for student accom at the Uni for some reason. apparantly there is alot of vacancy in Toowoomba at the moment. Eventually the property manager found a good tenant for $170pw so we took it off the market again, as we weren't really happy about selling it on the slightly depressed market there.
I can only compare it to Townsville, and I'd say Townsville is ALOT hotter than Toowoomba at the moment. Values still seem to be growing in Townsville, as it continues to have strong economic and population growth. It is proving extremely difficult for me to find something to positive gear in Townsville, or alot of the other centres in North Queensland. Even the outback towns.
If you are looking to buy in Toowoomba, I'd be wary of any potential structure problems caused by the ground shifting due to the drought. Particularly on the blacksoil, this might be a problem.HI there
I would agree with some of the comments above – if you are purchasing in Toowoomba as an owner occupier – prices are very reasonable – but if you are looking as an investor – the comment from our property manager was that the developers are bringing in too much stock at the moment which means the letting agents are having difficulty filling properties – which means the rentals are lower.
I have just had a tenant give notice and we are having to list the rental at the same price as 12 mths ago in the hope of getting a tenant.
That said however – the interest in Toowoomba has definately been picking up. I attended an open house on the weekend and was speaking to the agent who made comments that there had been a lot more inquiry recently compared with a few months back.
I note that I attended a property seminar which suggested people may live where they want to holiday and just have something like a unit to stay in the city. Toowoomba was nominated as a possible tree change location for that scenario with the Sunshine Coast and Tweed Coast as possible locations for people to live. So – provided they can get the water situation sorted – it should be a good long term investment. Education is still the major industry in town and you have a lot of people posted in and out due to the Oakey Army Aviation base. There is a large retired population in town and the medical services are being improved all the time to service that population.If they ever get the train to service the Toowoomba area – it will be excellent.
thanksThanks for comments. I am looking at the Toowoomba market for an owner-occupier and on that basis I see good value. In fact, I don't particularly care about the growth prospects of the property, since I view it as more about lifestyle.
Hi there
if you are looking to Toowoomba for lifestyle – would have to say it is a good choiceI am speaking as the wife of a RAAF member for 20 years who has been posted to most states in Australia and also overseas to the USA – Toowoomba would have to be one of my most favourite places. It is an excellent place to bring up children given that there are so many choices for their education. There is a university and TAFE here. Brisbane is 1.5 hours drive away and there are buses which travel up and down the range to Brisbane, the Gold Coast and Sunshine Coast on a daily basis.
Our mayor, Di Thorley is also pushing for the rail to service the area.There is always something on at the showgrounds and there is a lovely historic theatre in town, the Empire Theatre, which hosts a lot of the shows. Gina Jeffreys and Geoffrey Rush are some of the entertainers who were raised in Toowoomba. The radio commentator Alan Jones went to Toowoomba Grammar.
The sporting facilities are great – and if you did a medal count from the last Commonwealth Games – Toowoomba would have come eighth on the rankings.
The annual carnival of flowers in September is worth seeing – even when there is a drought.
The water issue is the downside but everyone I know are buying tanks and having it plumbed into their house. The tanks are the huge concrete inground tanks as well as the smaller slimline versions. Every new subdivision has to address the water issue and all have to have tanks. Adjoining shires are also coming on board with innovative ideas to resolve the issue.
If you want any more comments or suggestions where to buy – just contact me.
thanks
Wezwaz,
I came across this post today in another subject forum about property investors getting together to discuss investments in Toowoomba, so it may be a good point of contact to get a clear picture about the state of the property market in that area.
Good luck
Martin
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Robyn has been doing a great job of organising this meeting at Toowoomba. Why don't anyone of you interested in mixing with other like minded investors come on down. I've duplicated Robyns message here to spread the word. Tell anyone else that you think might be interested or bring them along with you. You don't have to be supper experienced you don't even have to know anything just come along and have a chat. And share all the benefits of mixing with a like minded gathering. – Jaffasoft
HI yáll
I read this article recently – see http://www.realestate.com.au/review/…ml?from=review
Seeking out like-minded people
If your friends and family just aren’t interested, why not seek out new people?
“We truly have a lot of success when we’re motivated and supported by people who think like we do,” Lomas says.
It’s a great way to stay motivated and to learn from other people’s experiences. And you’re likely to find plenty of people who are happy to celebrate your successes with you.
Would you like to get together on Sunday 27th May from 11.30 a.m. for Sunday lunch at the Irish Club, Russell St Toowoomba to meet with like-minded people to talk about property and other investments?
If you are interested, please send an email or telephone, so I can organise a booking at the Irish Club.
thanks
Robyn Davis
[email protected]
46130032Hi there
by the way Raddles and Robyn Davis are one in the same
We did have our meeting on the 27th May and had 6 people attend
The first part of the session dealt with shares then we discussed property.
Can fill you in if you contact me
thanks
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