Top Suburbs To Invest In Toowoomba
Toowoomba is truly a unique Australian city; the beautiful autumn days, many parks and gardens, and the growing population are all a testament to its popularity. Despite what you may think, Toowoomba has an estimated GDP of $11.56bn. What’s more, this is growing at 3% pa, making this time a ripe opportunity for Toowoomba investment property owners to benefit from ongoing capital growth and rent.
Whether you are looking for a full city experience or small town country feel, Toowoomba has it all. With a population of 165,140, estimated to grow to 244,000 by 2031, we don’t see any reason you wouldn’t want to invest in Toowoomba.
If you are still unsure about the best suburbs in Toowoomba to invest in, don’t worry! We have you covered. This article will discuss the best regional investment areas and ensure you make the right decision with your hard-earned money. Let’s get started!
Why Should You Invest In Toowoomba?
When we talk about Toowoomba, people instantly think of Regional Queensland. This is the case for all property investors because it is the closest to the big-city feel people are looking for. Queensland scores multiple points for its growing economy, effective pandemic control, and appealing climate, but there are many other “best” suburbs in Toowoomba to invest in.
Toowoomba is considered the capital of the Darling Downs region and is a hub for commerce, education, and industry. Toowoomba is also located close to the Surat Basin, and with its growth opportunities, along with government investment and new projects, there are multiple job openings available for residents of Toowoomba.
Moreover, Toowoomba supports many primary and secondary industries, shops, banks, and educational facilities to provide ample amenities and opportunities to their residents. Toowoomba, the Regional Development Body, and Surat Basin Enterprise estimated more than $14.42 billion in spending on the total development of these areas with multiple new projects underway, such as the Inland Rail Project. Thus, there is no better time to invest in Toowoomba than now!
Another reason to invest in Toowoomba is the solid return on investment investors can enjoy. With new affordable apartment complexes (houses at $450,000 and units around $250,000) being built for university students and mining workers, it is becoming a beautiful hotspot for people wanting to get away from the busy city life.
According to Terry Ryder, the director of Hotspotting.com.au, “Toowoomba has one of Australia’s strongest property markets, which comes from the consistency of its job market, population growth, and the prospects of its rising regional economy”.
The Current Real-Estate Market In Toowoomba
Toowoomba property investment is sure to increase your passive income, and this is only looking to benefit from increased rental yields. If we just look at the facts, Median property prices over the last year range from $451,000 for houses to $290,000 for units.
Did you know that 31% of residents in Toowoomba are renters? If you are looking to invest, Toowoomba has experienced a compound growth rate of 7.9% for houses and 8.2% for units. You can easily rent out your houses and units for around $350 to $550 PW and gain 5 to 6% rental yields.
Being ranked as the leading regional economy in Queensland and the upcoming infrastructure projects, all of this combined will significantly increase property prices and rents in the next 24 to 48 months. Thus, there is no better time to invest than now in the best regional investment areas.
The Toowoomba real estate market has all the opportunities investors are looking for; a strong and diverse economy, affordable housing, a growing population, and strong business infrastructure.
Where To Invest In Toowoomba
Now that we talked about why you should invest in Toowoomba and the benefits of a Toowoomba investment property, let’s discuss the 9 best suburbs in Toowoomba to invest in.
1. Rangeville
Rangeville is one of the most populated and popular suburbs in Toowoomba. It is located in the southwest region and is close to parks and reserves like Tarampa Road Reserve, Tabletop Mountain, and Picnic Point. It is also a hub for shops, medical facilities, and excellent transport systems. Due to all these advantages, the median house and unit prices are slightly higher than in other suburbs; $561,250 for houses and $413,750 for units. The rent is also above-average – $450 per week for a 3-bedroom apartment.
2. Mount Lofty
Mount lofty is a slightly smaller suburb with only 3,500 people. It is located on the north-east side of the town, and you can enjoy a relatively central location with easy access to the countryside. The shopping market is 400 metres away and includes eateries, pharmacies, and other essentials. It also has access to parks and reserves like Gatton State School Memorial Park. On average, a Toowoomba investment property rents out for $550 weekly.
3. Centenary Heights
Centenary Heights is another popular suburb in Toowoomba that is relatively young and came into its own in the 1960s. It has close access to educational institutes and parks and reserves. From an investment point of view and the current median home prices, real estate investors can earn a rental income of around $420, reflecting a 4.65% ROI.
4. Middle Ridge
Middle Ridge is also a newer area compared to other suburbs in Toowoomba and is close to parks, schools, shops, and other essentials. It has easy access to Brisbane and the city centre and has a very low crime rate. Middle Ridge offers great opportunities for investment and has seen a compound growth rate of 25.3% for houses and 2.6% for units.
5. Westbrook
Westbrook is among the best suburbs in Toowoomba to invest in. It is close to the Westbrook State School, college, and the Brookfield Golf Club. It also has a good public transport system with a free bus service to the city. The population is around 3,000+, with 19% of them being renters and family owners. According to these demographics, 4-bedroom houses go for rent for around $500 to $600.
6. Harristown
Harristown has been ranked the 10th best suburb and the best regional investment area. The town is right in the middle of all the shopping centres and is close to schools, parks, daycare, and hospitals. In terms of real estate investment opportunities, houses rent out for $420 PW, and units rent for $400 PW, offering an annual rental yield of 5 to 6%.
7. Darling Heights
Darling Heights has a population of about 5,000 people, of which 45% are renters. Thus, it offers a great opportunity for Toowoomba investment property. The suburb has an excellent transport service and is close to the local doctors, shopping centres, and gardens.
8. Kearneys Spring
Kearneys Spring is known for its beautiful scenery and landscapes, but it also has great potential for property investors. A 3-bedroom property rents out for around $490 per week. The area also has a low crime rate, close to schools and restaurants, but fewer parks, which could be a concern for families.
9. Newtown
Newtown is quickly gaining popularity due to its increased investment opportunities and proximity to Toowoomba’s inner city infrastructure. It has a low vacancy rate and an average rental yield of 5.3%. The median prices are around $410,000 for houses to $313,000 for units, making it ideal for bargain hunters.
Conclusion
Now that we have listed the best suburbs in Toowoomba to invest and live in, we hope you can make a well-informed decision with your hard-earned money. The community is lovely and welcoming, the weather is pleasant, and the real estate industry is booming; thus, there is no better time to invest than now.
For more information regarding Toowoomba real estate, reach out to Tomoro. They have vast experience buying, selling, and renting properties in Toowoomba.
