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Demand for residential property is set to continue to rise off the back of population growth, economic growth and infrastructure investment, according to a report released by Urbis on the future of the Toowoomba property market.
The Toowoomba region has recorded ten straight years of economic growth. Rental growth has risen by 4.7 percent over the past decade, and current rental yield is 5.2 percent, the report states. 3,218 new residents are expected to make Toowoomba their home each year between 2016 and 2036, boosting the population by more than 48,000.
Toowoomba also has $2.5 billion worth of current and future infrastructure projects, including the Toowoomba Second Range Crossing, Warrego Highway Upgrade, Brisbane West Wellcamp Airport construction and the new Gardentown Shopping Centre. "The Urbis report highlights the strength of Toowoomba’s broad based economy which is underpinned by significant committed capital expenditure," said Toowoomba Regional Council Mayor Paul Antonio.