Toowoomba Suburbs in Renovation Boom
Known as “The Garden City”, Toowoomba is a regional city in the Darling Downs region in Queensland. Every September, it hosts the Toowoomba Carnival of Flowers and has more than 150 gardens and public parks. But more than fancy festivals and beautiful places, there is something else about the city that attracts Aussies to settle in the area.
The Toowoomba Renovation Boom
The influx of the new residents has helped the housing market in the city rapidly grow, particularly due the rise in home renovations. So, why are Toowoomba suburbs experiencing a renovation boom?
Toowoomba has become one of the fastest growing cities in Australia over the last five years. The city is actually the country’s second most populated inland city, right after Canberra. This growth can be attributed to major businesses in the city that opened up thousands of job opportunities.
Just last year, Kmart inaugurated a new store in Grand Central of Toowoomba CBD. This alone created more than 170 jobs for new settlers in the city. Then there’s the Burke & Wills Hotel, Gladstone Hotel, and the Jilly’s Café renovation projects which also resulted in new employment positions.
More importantly, the $500-million redevelopment of the Grand Central attracted many small businesses to Toowoomba. The shopping centre, owned by Queensland Investment Corporation, has doubled in size and supported an additional 1,000 local retail and hospitality jobs. That is on top of the initial 1,500 jobs during Grand Central’s construction.
These employment opportunities and others attracted many new residents to the suburbs near Toowoomba’s CBD, like Rockville, Harristown, Centenary Heights, and Newtown.
Speaking of Newtown, this suburb had the highest number of homes sold in Toowoomba last year. Situated just minutes away from Toowoomba CBD, Newtown is close to major commercial establishments, schools, sports fields, parks and recreational facilities, airport, and offices. This proximity makes Newtown and other Toowoomba suburbs the ideal location for families and individuals alike. These areas aren’t as populated as business districts but hold almost the same appeal because of their proximity to the mentioned facilities.
Perhaps the most compelling reason why Toowoomba suburbs are in a renovation phase is the affordability of houses in these areas. Property prices are cheaper compared to many other suburbs in Queensland, which will suit the budgets of first-time homeowners or expert renovators. The cheaper property prices, combined with Queensland’s First Time Home Buyers Grant of $20,000, has enticed many new couples and families to move in Toowoomba suburbs. Renovating an existing home that you have purchased for a below market price can lead to a significant increase in the value of the property.
Major City Investments
City developments have also convinced many homeowners to renovate existing properties in the Toowoomba suburbs. Some of these developments include the Toowoomba Wellcamp Airport and the Second Range Crossing (aka Toowoomba Bypass). These have made Toowoomba even more accessible and connected to other cities not just in Queensland, but in all of Australia.
Also to the west of Toowoomba, a job-generating $200-million solar farm was established in Yarranlea, further attracting new homeowners into the city. The installation of 400,000 solar panels will create career opportunities that many Aussies from neighboring cities are hungry to snap up.
Lastly, Toowoomba’s City Centre Master Plan provides people a glimpse of the city’s innovation strategy up to the year 2031. The plan will create new commercial and residential establishments, as well as massive employment opportunities. This is enough to drive families and property investors to Toowoomba’s suburbs.
Home Renovation with Renovare Toowoomba
Toowoomba is in the middle of an exciting transformation that offers many Australians a fresh start. A growing city in terms of economic development, investing in one of its suburbs is a financially sound decision for new families and fixer-uppers.
If you have a home in Toowoomba that you wish to renovate, there is no better way to complete your project than to hire professionals like Renovare, to help you.