Renovation Is The Next Big Thing In Toowoomba
The price of properties across Australia is in a steady decline. Not only that, ANZ bank predicted that the pace of the decline will also accelerate. In fact, house prices in Melbourne and Sydney are now down by 4.4 per cent and 6.2 per cent, respectively, from their previous peaks. Apart from these two cities, towns in regional Queensland have also seen a decline in house prices in recent years, particularly in Toowoomba.
However, this decline isn’t damaging Toowoomba’s property market. The effect is quite the opposite. The drop in house prices is opening up the market for investors and for property flippers to buy up an undervalued property. This is the reason why renovation is the next big thing for Toowoomba.
Home Renovations in Toowoomba
With the decline in property values in Toowoomba, there is a great opportunity for buyers to get in, do some renovations and earn a profit. This is precisely what a couple did over 2016 and 2017 when they bought three houses in East Toowoomba and turned them around. One of the houses has sold for more than $500,000.
Baden and Nelson Marino-Hall, who are known online as “The Reno Lads”, have made profits that range between $50,000 to $90,000 for each of the three properties. They were able to do so despite not having great building experience.
Nelson said that the current property profile and housing market of Toowoomba gave renovators a chance to renovate old properties. These allowed them to turn such houses into beautiful homes for people to purchase.
“We’ve done probably three complete renos and we’ve got another one that settles on May 15 in Geoffrey St in Mount Lofty. Toowoomba is a great market, there are so much developments,” Nelson said.
He added, “It’s not necessarily safe because nowhere totally is, but it’s stable and it’s not as volatile in pricing changes as places like Sydney and Brisbane. We love building with heritage buildings and it’s definitely Queenslanders that are buying it, so we need to renovate to fit it.”
Baden and Nelson can be considered as house or property flippers. House flipping is the process of buying a house or property, doing some renovations and then selling it again to make a profit. Just like the Reno Lads, property flippers are in a great position to be successful with the current state of Toowoomba’s property market.
Aside from the declining house prices, property investors and home buyers are attracted to Toowoomba because of the growing job opportunities in the area. Major infrastructure projects and large investments are also being done, including the Inland Rail, the Second Range Crossing, the $200M solar farm in West Toowoomba, and the installation of 400,000 solar panels. These are just some of the reasons why property flippers have confidence that their investments in Toowoomba will pay off.
Toowoomba Renovation with Renovare
All evidence suggests that Toowoomba is a real estate hot spot in regional Queensland right now. Particularly, renovation will be the next big thing in Toowoomba. So, whether you’re a seasoned house flipper or a new property investor, purchasing a property in the city for renovation makes a lot of sense.
When it comes to renovations in Toowoomba, there’s no better team that Benjamin Sutton and Jacob Sutton from Renovare. Between them, they have over 20 years of experience, so you’re in good hands. In particular, they have experience in bathroom and kitchen renovations. If you have a premium renovation project in mind, contact Ben Sutton today on 0447 238 923.
To learn more about the popularity of renovating in Toowoomba, see our article: Toowoomba Suburbs in Renovation Boom.