QLD Toowoomba 2021 - the beginning of a growth phase

Discussion in 'Where to Buy' started by doubleshot, 17th Aug, 2021.

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  1. doubleshot

    doubleshot Member

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    Spent some time on the ground recently in Toowoomba and there are definitely a lot of investors looking to snap up a bargain, only to be outbid by owner occupiers.

    Price are definitely trending up after years of no growth. Anyone in the PC community purchasing in the area? The data is definitely pointing to an extended period of growth (DOM down, falling vacancy rates, multiple offers on properties, etc).
     
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  2. Todd

    Todd Well-Known Member

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    That's great to hear, thanks @doubleshot for the on the ground info. I am not looking to invest right now but own 2 x townhouses which i bought back in 2012 and 2014 so good to hear there may be some rental and price growth coming! It would make sense as years of no growth and most regional towns are seeing growth
     
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  3. Icarus

    Icarus Well-Known Member

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    Toowoomba has been on the up and up for a while now, even before the covid silliness took hold last year.
    I had bank vals done for our Newtown property in March/April last year, and it was up $80k (to $365k) on the previous val (which was completed late 2016). I think the banks were being conservative at this stage too.
    I've had agents contacting me recently saying that this house would go for low $400's now.

    It's on a double block and we have a DA in place; it has been CF+ from the day it was purchased (2011). Vacancy rate has been low for the past 5 years, and is below 1% currently.

    There are still some cheapies around in Toowoomba, but DD is required.
     
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  4. doubleshot

    doubleshot Member

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    We saw examples of buyers pushing passed each other at inspections and crowding around the agent as if they were seagulls to some hot chips! I didn't attend any, but I heard it is similar for rentals.

    I'm most interested in houses in the Rangville/Centenary Heights area so can't speak too much for Newtown. That's at least 10% growth in the last year though! What's the quality of tenants been like in Newtown?
     
  5. Icarus

    Icarus Well-Known Member

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    I've only had 2 lease changes since it was purchased (10+ years ago), and both families have been excellent - occupations: 2 teachers at first, now a tradie and a chef.

    I looked around all Twba suburbs before purchasing, and did about 20 inspections before buying this place. There are beautiful houses in Rangeville and CH, but I couldn't find any that suited my criteria at the time. Good luck with your search.
     
  6. GirlPower

    GirlPower Well-Known Member

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    I am looking to buy in Toowoomba. I love the suburbs around Queens Park am I to assume that East Toowoomba and Mount Lofty are some of the more popular suburbs for OO's to buy in ?
     
  7. doubleshot

    doubleshot Member

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    There are houses under contract within 4 days of listing - one open home and multiple offers. That definitely includes places like Mt Lofty and East Toowoomba
     
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  8. alanyin

    alanyin Well-Known Member

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    The median DOM for Centenary Heights 4350 has dropped to 10 days…

    This is crazy.
     
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  9. doubleshot

    doubleshot Member

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    That doesn't surprise me at all, it's on top of my list of locations in Toowoomba. What's your data source?

    Centenary Heights is really primed for a run. It's coming back in the top 10 locations in Australia when you combine data sources, especially DOM, vacancy rates, rising rents, etc. Centenary Heights will see some short term growth as well after featuring in Suburb Trends Top 40 locations. Kent Lardner has recently split from Property Nerds and is beginning to really get Suburb Trends name out there across a range of media.

    https://www.suburbtrends.com/investor-houses
     
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  10. doubleshot

    doubleshot Member

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    Was involved in an multiple offer bid last week on a property in Centenary Heights, 11 offers after one inspection. It appears there are still plenty of buyers in the family friendly suburbs
     
  11. kierank

    kierank Well-Known Member

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  12. Calder&Scale

    Calder&Scale Well-Known Member

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    What are you using to look at data sources?

    I've heard a few people spruit Toowoomba, specifically Centenary Heights
     
  13. rnadella

    rnadella Active Member

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    How is NewTown in toowomba for IP - For CG and Cash flow? Thank you