John McGrath, CEO of McGrath Estate Agents, has identified Toowoomba as a future growth area.
Infrastructure spending and urban planning have reinvigorated the town, and new projects will create up to 3,300 construction jobs and 1,800 retail and service industry jobs.
Mr McGrath said, "Toowoomba is an area that has all the hallmarks for growth. We believe its strong focus and investment on infrastructure, retail, and lifestyle precincts will have an impact on both interstate migration and employment opportunities. The relatively new airport is having a positive effect on the accessibility of the region, both domestically and into Asian markets."
The $100 million Brisbane West Wellcamp Airport will begin direct flights to Melbourne and Cairns in March this year. Cathay Pacific had an inaugural flight in December, exporting local produce to Hong Kong.
"With a median house price of $350,000, the affordability of housing will not only be attractive to tree-changers and down-sizers but also to the investor market, as major construction is currently underway on several multi-million dollar projects", he said.
Toby Sandell, Principal of McGrath Toowoomba, also feels the market offers great opportunity.
“We have seen fewer investors due to the tightening of lending criteria by the banks, however on the flipside, there are more and more first home buyers and upgraders, taking advantage of affordable buying and lower interest rates. There is good demand for quality properties in the right areas.”
Mr Sandell said that younger families have been targeting South Toowoomba and Centenary Heights due to their proximity to the shops and schools. He said homes were selling in the $350,000 to $500,000 range. At the more premium end, East Toowoomba and Rangeville are consistent performers in the $500,000 to $800,000 bracket.
“We anticipate market conditions will remain steady over the next few months with attractive growth opportunities as the year progresses,” said Mr Sandell.
Published in The Real Estate Conversation; Thursday 18th February 2016