Toowoomba tipped for growth: Affordable houses, high returns
TOOWOOMBA properties are not only affordable, but also have returns expected to beat southern capitals like Sydney and Melbourne.
That's according to a new report by market research firm Propertyology.
It found 39 growth locations across the country where median house prices were less than $400,000 but were also expected to outperform the capital cities for growth over the next few years.
Toowoomba was listed as one of nine Queensland locations tipped for growth.
Propertyology's analysis looked at criteria including affordability, economic diversity, essential infrastructure, lifestyle, increased demand for housing and expected improvement in economic conditions.
Raine and Horne Toowoomba property sales consultant Paddy Ryan agrees Toowoomba is in a prime position for growth.
Mr Ryan has been in the real estate industry for seven years and said he was enthusiastic about what was in store for the city.
"The report is well on track in suggesting Toowoomba is a place to watch. It shows a good understanding of what is going on in the market place and reflects what we were seeing in October and November last year," he said.
"Toowoomba is not a 'boom and bust' town but instead has traditionally steady growth which makes it safe for investors and owner-occupiers."
Mr Ryan suggested for the growth to be sustainable improved economic conditions and continuous employment opportunities were important.
The Toowoomba region has had an annual economic growth of 3.5% over the past decade which is higher than the state average of 3.1%.
"Toowoomba really has untapped potential. It is a multi-economic industry centre with its jobs growth and low vacancy rates of rental properties," he said.