Chinese investors hone in on Toowoomba
TOOWOOMBA property agents are branching into the overseas market to capture the booming interest of Chinese buyers.
But it's not residential properties they're after, but rather commercial and business holdings.
LJ Hooker Toowoomba licensee Mike Stewart said Chinese buyers interested in Toowoomba were singling out industrial and farming land over residential properties.
"We've got one Chinese buyer at the moment that is looking to buy a mixed farming operation," he said.
"The residential investors tend to be down at the Gold Coast and Brisbane.
"I wouldn't call it a deluge of interested buyers but there is an increased level of interest and inquiry."
Latest REIQ figures show Toowoomba has the highest vendor profit percentages, least time on the market, and unit sales increasing by 2.3%.
Its research put Toowoomba as the highest performing market in the state, excluding the Brisbane market.
Mr Stewart said Toowoomba's lower cost of living, as well as development boom with the second Range crossing and airport was major contributing factors to the increased interest.
Likewise, Raine and Horne Toowoomba principal Andrew Lynch said his agency had begun tapping into the Chinese market to capture investor interest.
The business advertises on two Chinese websites after it identified the need to branch out to global investors.
"We have identified that we certainly need to be involved in overseas markets," Mr Lynch said.
"But as well as the Asian markets, there is the bigger interest of the domestic investors, including local and interstate."
Mr Lynch said the fact Toowoomba was home to some of the largest industries and was soon to play host to major developments such as the second Range crossing and bypass meant employment would place more demand on investment properties.
"There are so many factors that make Toowoomba a desirable place to live," he said.
"And what happens is that if one industry winds down, there's the other industries that back it up.
"There is so much opportunity for employment here.
"There is an increase in demand and a shortage of supply.
"Investors are looking at certain areas particularly to the west, and in areas such as Glenvale, Rangeville, Centenary Heights, Cotswold Hills and Harristown."