Property prices continue to tumble in Toowoomba as it recovers from the end of the mining boom, with the median house price dropping by 3.3 per cent in the past quarter.
“It’s a tough market in Toowoomba at the moment and prices have softened as a result of that,” said Geoffrey Jordan, principal at Century 21 Toowoomba. He explained that the market cooled off overnight after the town provided a lot of support services for mining companies and a lot of new unit developments hit the market at the beginning of last year. It also did not help that the Australian Prudential Regulation Authority changed some lending policies.
However, LJ Hooker agent Alan Reilly remained positive about the outlook for Toowoomba.
“It’s definitely a buyer’s market,” he said. “To me, it feels like we’re treading water until the infrastructure projects that have been promised are actually realised. Those projects are going to inject a lot of money into the local economy and create thousands of jobs, which will have a flow-on effect into property.”
Ongoing infrastructure projects in Toowoomba include the $35 million Toowoomba Integrated Milk Project, the multibillion-dollar Second Range Crossing, and the proposed Inland Rail. There is also the newly-built Wellcamp Airport. With these infrastructures, Toowoomba is set to become one of the largest logistical centres in Australia.
“Toowoomba’s long-term outlook with all its infrastructure plans is very promising,” Jordan said. “I like to say that the current market is just going through growing pains and indigestion.”