Population Growth Forecasts by SA2, Toowoomba

Source: Queensland Government Statistician’s Office, 2023 edition

Business Conditions

Both Darling Downs – East and Toowoomba feature in the Top 5 locations in Queensland for Business Risk. This means that businesses in these areas have some of the lowest failure rates in the State. By July 2024, CreditorWatch Business Risk Index predicts that 5.80 per cent of businesses in Australia will fail (over the year prior). In Darling Downs – East SA3 this rate is predicted to be 4.83 per cent, and in Toowoomba SA3, 5.19 per cent. These are both well below the Australian average. For context, the SA3 in Queensland that is predicted to have the highest number of business failures over the year to July 2024 is Ormeau-Oxenford, at 7.36 per cent

CreditorWatch Business Risk Index by SA3, July 2023, Best Ranked SA3s in Queensland

Impact on Commercial Property Market

Labour force data tells us that the Toowoomba region is showing good resilience in the face of difficult economic conditions. Four of the top five largest employment industries are non-discretionary activities, and should continue to grow in spite of the overall slowing Australian economy. Overall population growth in Toowoomba will be lower than that of Queensland, however, there are areas of Toowoomba that will see stronger growth than the state overall. Demand for commercial space in good proximity to these areas will see stronger demand going forward.