Toowoomba a hotspot for first home buyers across Queensland

The Toowoomba property market has grown in popularity among first home buyers as part of a growing trend with people flocking to get their foot in the real estate door.

For first home buyers Nik Stuart and Jasmine Beech, the decision to make the move from Brisbane to Toowoomba in order to get a foot in the property door was an easy one.

Paying a fraction for their three bedroom North Toowoomba home compared to what they would have for a similar sized home in the Queensland capital, the young couple are part of a first home buyers trend across the Garden City.

Analysis of more than 3000 property transactions by independent mortgage brokers has uncovered the top 10 postcodes where first home buyers were flocking this calendar year, with almost a fifth sinking funds into the 4350 and 4352 postcodes in Toowoomba.

Mr Stuart, 32, and his fiance Ms Beech, 31, who are both professionals working in radio, moved to Toowoomba about 14 months ago before purchasing their first home last month.

“For us we both grew up in Brisbane but Toowoomba offered such an affordable opportunity,” Mr Stuart said.

“The bang for your buck is amazing, and the fact that Brisbane is only 90 minutes away but we could find something that’s good to raise a family for less than $700,000, which is what we would be looking at in Brisbane.

“We moved here with the intention of purchasing, and while we rented here for more than a year we watched as the market heated up so we decided to make the jump and commit to the tree change.”

New homeowners Nik Stuart and Jasmine Beech love their first house in Toowoomba. Friday, October 1, 2021. Picture: Nev Madsen.

With Toowoomba not lacking in night-life, restaurant and cafe options, Mr Stuart believed the region was still relatively undiscovered especially among younger urbanites.

“We heard plenty of stories of how far Toowoomba has come in the past 10 years, and with what’s coming in the future with the cafes and bars, you’re not missing out on anything here,” he said.

“It’s an exciting time and for younger people there’s career opportunities as well. It makes the regional lifestyle and Toowoomba very attractive.”

Toowoomba City Hall. The region is now a stronghold for first home buyers in Queensland.

RealWay Property Toowoomba sales associate Bria Hurst said over the past 12 months the share of houses sold to first home buyers increased from 25 per cent to 35 per cent.

“The entry level price point of the market has really opened up and with interest rates so low it’s making owning a first home in Toowoomba more affordable,” she said.

“The Toowoomba property market caters for first home buyers anywhere from a $200,000 unit to a $500,000 home in Rangeville or East Toowoomba, there’s suburbs with homes priced at that entry level so there’s really both sides of the coin.”

HashChing CEO Arun Maharaj, whose firm analysed the buying activity, said Queensland was clearly a sanctuary for first home buyers, with strong interest coming from interstate as well who were priced out of their own markets.

“The data shows that Toowoomba has got that mix of affordable housing, job opportunities and transport making it an attractive destination to settle down in,” Mr Maharaj said.

Originally published as Toowoomba a hotspot for first home buyers across Queensland