2nd September 2011 | Toowoomba Chronicle 

Respected property specialist Michael Matusik addressing business leaders in Toowoomba.

TOOWOOMBA is on the verge of becoming Queensland’s number one economic hot spot, according to independent property expert Michael Matusik.

Addressing business and civic leaders at the Toowoomba Chamber of Commerce breakfast meeting yesterday, Mr Matusik said the projections for the region were staggering.

“Queensland government figures show that major projects in the Toowoomba region accounted for 33 per cent of the entire state total,” Mr Matusik said.

“Furthermore, the region created 14,000 new jobs last year which equates to 64 per cent of the state’s total,” he added.

With Toowoomba seen as the gateway to the Surat Basin, potentially Australia’s largest energy province, Mr Matusik said the figures showed investment at $80 billion but, in reality, it was probably closer to $120 billion.

“It is estimated another 45,000 more jobs will be created across the region and the focus will be on Toowoomba to accommodate them,” he said.

In another boost to the region, Mr Matusik said Toowoomba property prices were among the state’s best.

“Locals do not appreciate the market that they are in. Toowoomba is a very happening place with an abundance of opportunities,” Mr Matusik said.

“Property prices are well underpriced in Toowoomba as is the region in general. There are some great opportunities to be made,” he added.

The highly respected Mr Matusik said that despite doomsayers’ predictions, local market growth was one of the best in the state, behind only Gladstone and Mackay.

“Doomsayers who have predicted the last 10 of the two past recessions will have you believe that the property market is a lost cause.

“In 2002, the average price for a house in Toowoomba was $130,000. Today, the average price is $297,000.

“That is a growth rate of 9.6 per cent, making it one of the fastest growing, and best, in the state,” Mr Matusik said.

With the booming mining and energy sector on our doorstep Mr Matusik said the overall growth potential is staggering.

“The Surat Basin will drive Toowoomba into the future; do not be afraid of it.

“Remember mining creates wealth. New housing construction distributes it,” Mr Matusik said.

Each sector goes through a “life-cycle” and Mr Matusik said the Toowoomba property market has weathered the worst of the perceived downturn.

“The Toowoomba market had hit its lowest point and was on the rise again.

“Toowoomba falls into the ‘disbelief’ category.

“That is, people have a mentality that it is too good to be true,” Mr Matusik said.

Despite the positive outlook and projections, Mr Matusik said the one missing ingredient was confidence.

“People are very disillusioned with governments at all levels, especially the State and Federal governments.

“I believe that a change in government at both a State and Federal level with be the catalyst for very good things in Australia.

“It will restore that confidence in our economy,” Mr Matusik said.

However, Mr Matusik said one thing that would hold Toowoomba back was itself.

“There is no heavier burden than a great potential,” he said.