THE PROPERTY DEVELOPMENT REVIEW
residential market moving forward. Another shift around this market is infill sites, higher density developments for residential, and build to rent schemes where developers are purely building for the rental market. Interest in office space has potential. Australia is experiencing a return to people in the workplace in the absence of covid and this is a continuing trend over the last couple of years. This trend is also generating some influence around an increase of occupation of vacant offices within the Toowoomba CBD. Do you feel that associated factors like building costs, supply-chain challenges and market sentiment will improve for developers over the next 6-12 months? For instance, have building costs already peaked? There is continuing dialogue around the costs of construction; some areas have seen some slight reductions while others have plateaued. It is estimated that Toowoomba will get to a position of stability where people know, with more confidence, what it will cost to develop and build in this market. Moreover, this trend appears inline with other market practices around further expansion of the industrial area, other infrastructure projects like inland rail, and developments such as the new hospital. What advice do you have for any prospective developers in the current climate? Prospective developers should be looking into industrial and residential development opportunities. From a residential point of view, demand remains strong for both owner occupiers and tenants, which will have a positive influence on investors in the current Toowoomba market. Furthermore, the trend of high-density residential development and build to rent schemes will offer strong returns from a strengthening Toowoomba economy. From the industrial point of view, we are seeing a big shift, and the catalyst of this change is the aforementioned shortage of stock in the South East Queensland corner. Modernisation of industrial facilities will see investors look to areas like Toowoomba to build larger format projects that meet current requirements for industrial occupiers. How have your marketing strategies changed, if at all, over the past 12 months? Colliers Toowoomba observed two significant changes to our marketing strategies in the last 12 months – the emergence of Digital Marketing and the importance of Relationship Marketing. Digital marketing plays a crucial role in our industry, providing immense value and opportunities to strategically promote real estate opportunities. Digital marketing ensures precise targeting, which allows for tailored messaging to specific demographics and geographic areas. This approach to marketing has empowered our agents to stay competitive, expand their reach, and connect with clients in a meaningful way in today’s digital landscape. As technology continues to advance and online platforms becoming increasingly crowded, the importance of building genuine connections with our clients is essential. Our focus remains on fostering long-term relationships, emphasising personalised communication, trust-building, and delivering value. In an era where technology has made it easier to reach potential buyers and sellers, this shift back to relationships is critical to the success of our clients.
July / August 2023 – 59
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