Unit in Harristown Toowoomba?

[Humphrey]

Could anyone with knowledge of Toowoomba let me know your thoughts on the area? I'm looking at unit in Phyllis Street. I've done some research online and found a variety of different opinions on the area.

Similar to this one:
http://www.realestate.com.au/property-unit-qld-harristown-116706667

I'm flying up to Brisbane on the weekend and trying to decide whether it's worth driving out on Monday to inspect.

Thanks.
EC

 

[jameso]

Lots and lots of units under construction in Toowoomba.
What's your budget?

I'd try to stay on the east side of Ruthven St and pick up a house.

All depends on your strategy though.

 

[mikezen]

Lots and lots of units under construction

I read the other day development applications have slowed considerably, have you heard otherwise? I will try dig it up

But yeah I still wouldn't buy a unit anyway. Something with land...

 

[sasjes]

Why units?

Why would you be looking at buying units in an area where the demographic is 75% houses and semi-detached?

Doesn't make much sense to me.

http://www.realestateview.com.au/propertydata/suburb-profile/queensland/harristown/

 

[A Jeremy]

My first thought is that it is overpriced and that is seconded by the notion that it is a unit being sold by developer who is out for maximum profit.

On the other hand I am renting out a new 2-1-1 unit in Glenvale for $330 a week but it is more upscale than the property you posted. As someone who lived in Toowoomba for 13 years and has investment properties there I would guess it is worth $275-290k. That is my conservative estimate but because I never sell and don't buy established properties I'm not sure what people are willing to pay.

Because I have properties in Toowoomba I hope it's worth the asking price and more.

As a guide, two years ago I had a duplex (4-2-1 and 3-2-1) valued at $610k.

 

[Foxy Moron]

Like the other posters I see limited upside for Toowoomba units due to over-supply concerns, although there should still be rental demand next couple of years. Prefer houses, prefer better location - east of Ruthven : more desirable suburbs, plus NBN access.
If you're mad keen on a unit, go for one that attract a better class of tenant, likely to be less than 8 yrs old in Rangeville or surrounds, with more than one bathroom in a smallish complex. My view only - not backed by stats.
Regional people not so keen for high density living like in major capitals.

 

[Humphrey]

A big thank you to all those who replied, you've saved me a trip.

 

[8fold]

Brings back memories, in this thread I suggested Phyllis St to buy and develop for your self:

http://somersoft.com/forums/showthread.php?p=1094042#post1094042

Would have paid a lot less for the whole block with older house to build these for yourself, in fact probably still could..

 

[A Jeremy]

Traditionally I would agree that there is or about to be an oversupply on units in Toowoomba but my opinion has changed over the last 12 months. While in the past houses were almost the minimum for middle to high income earners, the town is seeing people move there from cities and overseas that are used to, and even prefer, units. I have found the key to be providing low/no maintenance properties for young people with too much money and zero responsibilities.

With the second range crossing beginning construction in July next year I am expecting to see demand an rents increase in the second half of 2015 and then again at the start of each year when the usual suspects are competing with these workers to gain leases.

After construction has completed we may see a minor slump as supply surpasses demand but as a town that has historically had a 1% vacancy rate, if any of this 'oversupply' is true, the vacancy rate would still be far below most places.

I filled a vacancy today, after one week, in one of my slightly higher than average priced properties so I'm not seeing the effects if there really is an oversupply.