QLD Toowoomba?

Toowoomba I'm out, sold and happy to move cash back to Melbourne for a new ppor. Now that I'm out, I hope prices rise so you all make great profits.

 

That was quick! A good sign perhaps?

 

I think In the better areas(east) is ok. Just not hot like it was 2 years ago and still down. I'm glad I sold cause I found out across the road heaps more new units were going up soon, probably would have made a loss if so.
Still to much supply vs demand.

 

http://www.theaustralian.com.au/new...s/news-story/9748f714be7812504c2a106faa82cbb6
(If blocked by paywall google ‘Darling Downs on the Up”)

I see a lot of town-proud people posting on this forum and it’s great. Gold Coast, Adelaide, Perth and Newcastle are a few areas I’m referring to as well as the major cities – all residents sharing stories about what’s going on locally. Well here’s another recent article in the Australian about what’s unfolding in my area – the Toowoomba region. Really exciting times ahead for just about any agri-business participant if they want to step up to supply world markets. Best of all it is private enterprise making it all happen (big dollars at that) and all levels of government coming on board to enable positive outcomes.

This is inland australia’s equivalent of building tall towers. World-best produce and farming practices, employing heaps of aussies for the long haul, attracting international investment, feeding an eager Asian marketplace, and ultimately growing a prosperous local community. I might also add that workers from overseas play a huge part in our intensive farming and meat processing facilities - they are extremely welcome in farming regions. A great story overall.

Conversely our investment residential market is extremely steady at present (2 O’Clock in HTW clock) with slight oversupply so I’m definitely not advocating people rush to buy here anytime soon! But a great place to live and work and pound for pound this local economy is going as good as any outside SYD/MEL IMHO. Even i-phone technology being used for meat trays sold in Chinese supermarkets. If only there was a bit more love from former resident Alan Jones lol.

 

About 2 years ago we did some serious DD Toowoomba and decided the risks weren't worth the possible upside.

It was the same time we did some serious DD into Whyalla SA as they had all the hype about the olympic dam etc etc. Again we decided the risks weren't worth the possible upside.

Thank god we didn't buy in those places.

 

My Mum and Dad bought their current PPOR in Toowoomba in 1972. Over the last 45 years, they have achieved 7% year-on-year growth.

If it was an investment property, they would have received at least 5% pa yield.

Total return of 12% pa for 45 years isn't too shabby, in my eyes.

May be you should have, at least in Toowoomba .

 

I guess the reason I said thank god we didn't buy there is because the alternative areas we had on our maps were locked in and bought and needless to say those returns annihilated any returns Toowoomba and Whyalla could have had over the last 24 months... So that's the comparison I'm making.

 

@Leo2413, I meant to disclose that I don't any property in Toowoomba either.

Never have as it doesn't match my investment criteria .

But, for a B&H investor, a 12% year-on-year return for 45 years could be attractive.

 

g'day all, I rented out my Rangeville property back in May. I have had two agents leave messages last week that they have a buyer. I had a look on realestate.com and I can't tell if I am just being optimistic?? or does anyone know if the market has picked up a bit now? Prices look like they might be back up to where they were a year or two ago?
any comments welcome.

 

I don't follow the Toowoomba market, so I don't know.

I am meeting with two REAs this Thursday to discuss the sale of my mother's house in Harristown.

It will be interesting to hear what they have to say, not that I would necessarily believe them .

 

Oldest trick in the book.

One the RE agent gets the listing you will probably find that the enthusiastic buyer they mentioned gets cold feet and buys elsewhere.
Marg

 

My partner and I have been looking in Centenary heights area as a potential PPOR - prime reason within school catchment and just an overall better reputation and solid growth over the years. Rangeville is not too bad either.

The listing of properties in winter is pretty low - agent says it is a seasonal thing so should pick up in spring. The good ones that we like appear to go 'fairly' quickly. We put an offer through for one in geddes st and lost it through an investor from sunshine coast. Went through about 10-20 property inspections so far and there is usually a good number of families/investors taking a look. In my opinion, Toowoomba property market isn't dead. Its chugging along steadily and I haven't seen huge discounted properties either. Is it in the declining growth phase of the cycle? Some say yes, but its not dropping in price and it shouldn't with all the projects/developments popping up in and around town.

Toowoomba needs more people to grow though. It is attracting a lot of interstate workers and contractors from other QLD cities due to second range crossing underway but I would prefer to see the local industries welcome more permanent residents to keep the local economy thriving. Right now Grand Central and CBD Area seems to be filled with quiet shops than people. So many empty for lease retail stores in the malls! The new local businesses here have a positive outlook but I fear it is expanding faster than the population growth. We are building and renewing CBD precinct areas but will the people come and spend? Only time will tell.

I think we need to do more with tourism too for the overall Darling Downs Region. Our yearly Carnival of Flowers is not enough. We need people to visit us all year around. What kind of things do people do if its raining day here? not much. We don't have the beach so I'd like to see a bit more creative things being explored and promoted. If Wellcamp is going to bring interstate or possibly asian tourists over here, what kinds of things can we lure them to see, do and try? Every time my friends and families come over from Sydney I find it really hard to recommend them to stay longer for more than 2-3 days!

 

I bought in Toowoomba in 2012 and 2014. 2 x townhouses in Wilsonton and Newtown. Paid 220k and 200k respectively. The 220k townhouse was valued at 260k at the end of 2016 by the bank. The 200k townhouse still at 200k. Rents are 270/week and 200/week and have stayed there since purchase. I lost my tenant last year and it took 8 weeks to find a new one for the 200k house. They cost me nothing to hold so i won't be selling. As mentioned in several posts there is so much potential for the town through many different growth drivers, but the oversupply of both attached and detached dwellings has killed any growth. I think there are other better places to invest right now but as i have a diversified portfolio across most States, i will be holding for the long term but i anticipate at least 2 more years before we see any CG again.

 

Thanks Marg,
In fact, I thought as much and haven't contacted them. If I decide to sell I will do one of those by owner type so that I can list on RE.com. Then all those REA's with buyers can contact me for the sale.

 

Agreed. Toowoomba is a great place for raising families. But then the kids usually move away when they are grown. I think Toowoomba has a lot going for it, but just not the typical attractors. I think it will grow steadily; I just want to diversify my portfolio. I want to sell one of my 2 Rangeville properties so I can invest at the GC, which I believe is a much faster growing market.
My tenant (which is a friend) was going to move out in couple months, but today just asked if they can stay until this time next year. The house won't show well with them in it. Decisions, decisions,,,, looks like it might go in the too hard basket again.

 

I bought early 2012 and late 2012 both in Rangeville. First one I paid $235k plus $30k renovation (1146m2). bank values around $290k May 2017; I reckon more like $320k. Rented for 320/week. Second one I paid $360k and $55k reno (911m2). bank values $460k May 2017; I want around $480k. Rented for $430/week. I want to sell the second one because although a great investment because dual flexible living access, serves better as a family home I think.

 

Their approach will be the same.

They won't bring a buyer without a RE appointment in place. And agreement to pay full commission.....
Marg

 

For those “on the ground” or “in the know”, what is the current state of play regarding property (in particular, houses) in Toowoomba?

 

I haven't been as actively involved in the toowoomba market since selling one of my properties there last year.

From what I can see, the vacancy rate has reduced to around 2.5% and values are holding steady.

Can anyone else provide us with an update???

Cheers

 

Any update on Toowoomba market? Have the prices hit the lowest yet and any movements in market?