The Toowoomba property market in 2014 has remained quite strong, with the average home selling for $343,000 compared to the state average of $422,000. Units are also extremely comparable to the Queensland average, with the median price for Toowoomba at $274,000 compared to Queensland’s $358,000*. Outside of metropolitan Brisbane, Toowoomba is currently the fastest selling region in regards to average days of homes or rental properties on the market. The city is also leading the way with the percentage of profit making sales over the past year. According to statistics from RP Data, 95% of houses and 92% of units and townhouses sold for a profit over the 12 months to February 2014, with both these results the highest for the state. With massive imminent job creation and some of the nation’s most significant infrastructure upgrades, the city is set to be an undeniable economic growth zone for decades to come. It comes as no surprise that the Toowoomba property market is about to have a strong 12 to 24 months, with increasing sales volumes, growing employment and tighter vacancy rates. This means now is a great time to buy an investment property in the city.
*Figures for 12 months to April 2014, based on sales reported to Australian Property monitors.
Toowoomba has missed out on opportunities for large scale conferences, sporting and cultural events, as a direct result of not having a useable facility. As such, TSBE believes there is significant opportunity for a property developer to build and operate a hotel in the city which would include a significant conference centre facility. Along with the major projects set out for Toowoomba, the city has also seen strong business tourist growth. These factors are expected to increase the attractiveness of Toowoomba as both a business event destination and also as a location for a purpose-built convention centre. For a city of the size and population of Toowoomba, its contribution to Queensland’s business events market is low. Toowoomba has many attributes that make it an attractive business events destination, but limited and inflexible venue capacity compared to other destinations represents a major drawback.