The regional market in one state is set for a bumper 2015, according to a leading property group.
Raine & Horne's Queensland GM Steve Worrad said with market conditions improving in Brisbane and on the Gold Coast, savvy investors are chasing capital growth and decent rental yields in other regional centres.
“Major hubs such as Toowoomba are set to benefit from major infrastructure improvements, while smaller centres such as Woodford and Kingaroy will enjoy the benefits of factors such as lower interest rates and the breaking drought,” Mr Worrad said.
“Once we get past the Queensland election, which was called by the Premier for 31 January, homeowners and investors considering the sale of a regional property in Queensland can expect excellent selling conditions in 2015.”
The real estate group said Toowoomba, Moreton Bay and the South Burnett region would be the notable beneficiaries of the improved market conditions.
Andrew Lynch, principal of Raine & Horne Toowoomba predicted the recent launch of the Brisbane West Wellcamp Airport will have a dramatic impact on the economy and real estate markets in the western-Queensland town.
“As it stands, Toowoomba is a multi-industry town with strong service and health care businesses and a robust agricultural sector. It is also a strong educational hub, with the University of Southern Queensland (USQ) and the private schools, led by Toowoomba Prep and Toowoomba Grammar, employing hundreds of locals.
“The airport will magnify Toowoomba’s excellent economic prospects as a regional hub by bringing more businesses, tourists and investors to the town, which in turn will underpin real estate values and rental yields,” he said.
Mr Lynch predicted the residential market in greater Toowoomba would grow by between five and eight per cent in 2015.
“It will be higher in some suburbs, such as Rangeville and Centenary Heights, tightly-held locations on the eastern side of Toowoomba, which is popular with owner-occupiers.
“The median price range in Rangeville and Centenary Heights is around $400,000 and properties are selling like hotcakes.”