Bleak or promising: Property market predictions in Toowoomba for 2021

The year 2020 caused unprecedented change in Toowoomba in terms of the property market. With vacancy rates dropping and property demand rising, here’s what the experts have predicted for 2021.

REVEALED: Toowoomba’s property market predictions for 2021.

Market predictions for 2021 in Toowoomba have left no stones unturned for potential homeowners, revealing some positive outlooks on the property market in the region for the new year, and some a little less positive.

Here’s what the experts have to predict about the property market for our town in 2021:

Propertyology

As far as Toowoomba’s property and rental market was concerned, Propertyology offered only a 0.6 per cent vacancy rate in the Garden City for 2020, compared to 2.4 per cent in Brisbane, our closest metro neighbours.

As to whether the vacancy rate will increase or decrease in 2021, that remains to be seen according to Propertyology.

With more people relocating from the bigger cities to regional hubs like Toowoomba, the community could see more rapid changes similar to 2020.

The report also predicted that with more people working from home, this could change the living requirements of homeowners who will look to seek alternate options that satisfy those needs – an interesting new factor that could revolutionise development in Toowoomba.

 

Matusik Market Analysis

This analysis said Toowoomba’s population is anticipated to grow by 1650 people per year, meaning the demand for housing and property would increase exponentially.

They predicted housing affordability could become an issue in the foreseeable future, as is the custom with rapid population growth.

To combat this, the report recommended fast-tracking new subdivisions in the region.

Colliers International

This report shared insight into how property groundwork over the past five years had given Toowoomba plenty of opportunity for continued growth and development in 2021.

Colliers revealed Toowoomba’s “bright future” in the property market was underpinned by infrastructure, and its role as a key freight and logistics centre.

“Looking ahead, there is over $13 billion in infrastructure works in the pipeline which will bolster demand for industrial space across Toowoomba,” the report read.

“Recent and existing free trade agreements and the continued rise of the Asian middle class will result in increased demand for quality agricultural produce and Toowoomba is well placed to capitalise given Toowoomba Wellcamp Airport’s status as an International Airport with export capability provided via various airlines.”

Originally published as Bleak or promising: Property market predictions in Toowoomba for 2021