Hey guys been looking at Toowoomba a lot lately in terms of investing. Would like to renovate and rent something in the area for under or around $300k if I can. Needs to be in an area with high demand though too in case I decide to sell.
I have lived in Ipswich for 6 years recently but now living in Muswellbrook, NSW at the moment.
Any thoughts are appreciated
Try the Eastern suburbs of Toowoomba, much better value than Ipswich.
Hi Matt,
have been keeping my eye on Toowoomba for a while now. There is a hell of a lot of stock on the market under the 300k bracket.
I reside in Perth though did a trip over there a few months ago to have a sniff around and chat with some agents; I would suggest Newtown and pockets around. As far as the lower socio economical areas include parts of Harristown, Harlaxton and Wilsonton Heights which have commission housing but lots are being sold of and you can pick them up pretty dam cheap- I just missed one in Harristown for 195k 3×1 on 600+ block only a few months ago that would have rented 250-270$ all day long. Although the lower end still have same fundamentals for growth and a tight rental market.
One of the agents I spoke with said she had over 25+ qualified tenants looking for housing around the Newtown area; though keep in mind she was trying to sell me a house.
hope that helps
Thanks for the comments guys. I have been doing lots of research lately and Harristown and Newtown both came up on the radar like you said being that they are very affordable with tenants ready to go. It is likely Id renovate and flip if possible for my first couple then get something a bit more solid for the rental income. Hopefully I can buy something within the next month or so, just playing the waiting game while my land is up for sale here in Muswellbrook.
I have been a resident of toowoomba for 10 years and am in the process of purchasing my first IP here. I also have been leaning towards newtown, harristown and i live in a fantastic part of wilsonton that i would also buy in. While attempts have been made to upgrade areas of wilsonton heights (new housing estate and small shops) the area is still one of the dodgiest in town.
We have completed a lot of research on Toowoomba as a destination for some of our existing and new clientele to invest in over the next few years and it certainly is stacking up. Your borrowing capacity may dictate your ability to jump into a new property, however keen to know why you are wanting to look at a potential reno outside of getting into the market with less outlay? Have you got reno or building experience, or do you have the time to complete it yourself? Always need to go into these decisions with your eyes wide open to endeavor to mitigate any risk.
Cheers
Matt
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