QLD Toowoomba?

Anyone still following towoomba? Any news on the ground? What's changed, what hasn't?

 

Here's a list of 38 'things' happening in TooWoo
38 new things coming to Toowoomba soon
Maybe some hope yet?

 

Hopefully some of those come true, like jobs and population increase. Not keen on further housing development.

 

I agree with you there. We bought a post world war 2 house, newly renovated 3.5 bed, 1 bath on 600m2 in East Toowoomba at the end of 2014 for 350000. We lived in it for a year then started renting it out at the start of this year for 365 / week. They left and we replaced them but had to drop it to 355.

It is essentially a cash flow neutral house so we are just waiting for the second range crossing and rail line (if it goes ahead). We feel that both if those will have a large positive influence on the market in Toowoomba when combined with wellcamp. Please be aware, we are only new on the IP scene but we felt that the future prospects for the city were all positive.

We are both in the health field and looking at the growth of Toowoomba hospital was a good sign to us of what the future population growth may be.

Ps if anyone is ever in town for dinner, try out the korean/Japanese place on ruthven St called kajoku - amazing fried chicken and okonomiyaki.

 

Qantas Toowoomba-Shanghai flight makes history

West meets East in historic passenger flight from Toowoomba to Shanghai.

Good news for Toowoomba. Will china own Toowoomba in a few years? Will house prices surge like mining towns?

 

We can only hope.

I can't wait to see the first flight to shanghai that is a true commercial flight rather than one that is chartered. At the same time, this is probably more important if it leads to more local business moving into China and their money moving in to the local area.

 

Yep - Still following the market quite closely.

Values continue to decrease and rental situation has not improved in he last 6 months. approx 800 places for rent which implies ~4%~ vacancy rate.
Investor suburbs not fairing as well as other suburbs closer to the city with higher owner occ.

 

Yeah was thinking it might have stabilised. Still more to go it seems.
Are they still building heaps of houses?

 

Still a bit to go in my opinion.

New house and land builds have been drying up. Little demand for this type of product and more so units. Toowoomba RC set to review their development application process in light of the last 2 years and the oversupply it has left.

Long term I believe the fundamentals are great but until this stock gets soaked up and vacancy rates decrease it will not improve.

FYI - The latest HTW report shows it is only in the beginning of the decline stage.

 

Thanks for that info, keep us posted if new info comes through at a later stage. Also seen htw clock and I don't agree with it, have spoken to agents working the west areas 2 months ago, and the're reporting price drops have settled and rents did take a big hit from so much stock.
Hopefully it starts to improve soon.

 

Toowoomba Second Range Crossing has already started.

Maybe wait for the peak construction phase to off-load.

Then again, the Inland rail project will pick-up after that

Nexus Infrastructure

 

As long as those working on these projects settle in Toowoomba that will improve the current oversupply.
I think time is needed to improve, I still believe in the fundamentals of Toowoomba so I'm holding, and I bought at a price that rents cover costs, and if sold today no losses, unless they keep building this oversupply then I loose.

 

Hello again Toowoomba people. Anyone have a quantity surveyor that they have used and liked in or around the Toowoomba region?

How's everyone feeling about Toowoomba at the beginning of 2017? Personally I'm feeling good about it. The capital growth over the last 4 years has been good and you can still pick up some great bargains (research only, not buying again till later in the year).

 

Hey Andrew, your on the money with buying bargains. Excellent buying opportunities currently for long term holds. I personally would rather see prices rising prior to buying in which hasn't happened yet. Unless it's a ppor then good time.

Regarding growth, my places in Melbourne have grown so much that it makes me question why I'm holding Toowoomba. i have to remind myself it's a different market and it's not stopping me from buying and moving along in anyway.
I would really like to see the vacancy rate drop to increase cashflow/increase growth.

On a personal note, I feel 2017 will be a great year in general. Actually, I feel every year will be a great year.

 

Route | Inland Rail
For anyone wondering whether the inland rail will include Toowoomba - yes. Looks to me like there's going to be A LOT of blue collar, labourer and engineering type jobs coming up for every town and city on this route, not to mention all the related industries.
Also, I wouldn't be surprised if some immigrants (refugees) are sent out that way soon which will soak up some supply and keep the schools, colleges, health services and retail busy too. Would love to buy in there right now but I can only do one thing at a time!

 

https://www.thechronicle.com.au/news/46-new-things-coming-toowoomba-2017-2018/3123412/

Thought this is a good article to share. Lots of things happening in Toowoomba. Its a lovely place to live and work in. Great lifestyle without the beach.

 

Hey dangsta thanks for the link. What's the market like west/east? People buying, slowed up?
I'm looking to offload a place in the west, harristown soon. Tried a while ago but to many low ball offers. Will try again but will have to accept the lower price as the market changed.

 

Hey wattleldo, struggling with this decision again. If you bought in now, do you see growth in the next 5 years?

This is how I'm trying to decide whether to keep or offload...
Currently the house is cashflow even just.
Rents have dropped 30 bucks a week, house price have dropped about 30-40k from peak. If I sold today I would break even as I bought it cheaper than realistic sale price today if sold.
I want to purchase another place in Melbourne so getting rid of this debt helps with sleep at night factor, at the time I didn't think I'd be buying another ppor which is why I'm at this decision.
It's not stopping me on purchasing more having this debt. But I only wanna buy one more house as a new ppor.

I'm looking at Melbourne house prices on the fringe and seeing about 100k increase in the last year-1.5 years. And still increasing it seems.
Melbournes population growth as you now is 100k plus a year.

Can a house in Toowoomba really increase 50k -100k in a year or 2, or 5 with a population increase of 1300-2000 a year?
Cause if it can't, I really need to offload it as I can make about 50-60k in 5 years invested else where with less debt.

Mate on the ground buys and sells in the area, knows the area as well as one could, and has advised he sees nothing happing to property prices for at least 5 years, everything is hype and all talk right now.
Some Projects will happen but his option is flat for the next 5 years, but long term positive.

 

Holy Moly, it's a big decision and I wouldn't have a clue.
Let me get this straight -
1. You're upgrading your ppor in Melbourne?
2. You see prices going up there at the rate of knots.
3. Sydney is still going gang busters so why wouldn't Melbourne continue to do so too.
4. Toowoomba property is cashflow neutral - tick.
5. Mate in the game/ on the ground doesn't think Toowoomba prices are going anywhere fast from what he can see in his crystal ball atm.
6. You have serious doubts about whether Toowoomba can increase in value too.
7. Certainly, it is not comparable to Melbourne market atm.
8. ML is not promoting regional atm.
9. You are wondering whether your SANF would improve by selling Toowoomba property and putting funds into unexpected ppor upgrade in Melbourne.
Right?
Hmmmmm
I have no idea what Toowoomba will do but imo - no, I wouldn't sell.
My rationale:
a. Toowoomba ip is neutral - perfect for a working man/couple.
b. You don't need the money - unless of course you do - or you want to spend more than your current budget allows .... (?)
c. No pain, no gain
d. I think your sanf would decrease if you found that you bought at close to peak in Melbourne and sold at close to bottom in Toowooomba.
However, I'm just giving my feedback based on a forum post and please don't take it as advice. Something you and your wife need to decide together.
But knowing the little I know about you, I'd hang on. Keep the faith.

 

Yep confusing isn't it lol.