Toowoomba businesses less likely to go broke

14th March 2018 5:00 AM
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Toowoomba businesses are less likely to go broke compared to other businesses around Queensland. Toowoomba businesses are less likely to go broke compared to other businesses around Queensland. Adam Davies

TOOWOOMBA businesses have a much lower risk of going broke than counterparts around Queensland.

New data released by SV Partners revealed only 56 of the town's 2980 registered businesses were at risk of failing.

This equates to only 1.9 per cent of businesses. In Brisbane, three per cent of businesses were at a high to severe risk of failure.

SV Partners Director Anne Meagher said major investment was driving this wave of business confidence.

"This positive outlook is enhanced by the announcement of multimillion dollar hospital upgrades, an $8.1 million expansion of the Toowoomba hospital and infrastructure projects like the Toowoomba Second Range Crossing," Ms Meagher said.

"In fact, many industries which underpin Toowoomba's economic base including agriculture, education and training, utilities, mining, public administration and financial services have no businesses in the high to severe risk category.

"This confidence flows into many areas including job prospects, a strong economy and greater opportunities."

Earlier this week it was revealed Toowoomba had the highest growth in the property market of any regional Queensland town.

First National Real Estate's CEO Ray Ellis said this made Toowoomba one of Queensland's best cities for employment security.

"Employment security and a stable housing market go hand in hand so with Toowoomba being just under two hours commute to Brisbane and the security and economic prosperity of the Australian Defence Force as a major local employer, Toowoomba has long offered a solid, reliable real estate market," Mr Ellis said.

"Toowoomba has demonstrated a consistent pattern of growth in median dwelling values since 2002 and the market peaked in 2016 at a little over $350,000.

"Since then, it has adjusted to around $300,000; meaning there are some great opportunities for families and first homebuyers."

Mr Ellis said there was also a spread of employment options in the city.

"Professional positions account for approximately 22 per cent of jobs, community and personal services about 12 per cent, managerial positions around 11 per cent, technicians and trade workers approximately 17 per cent, clerical and administrative a further 13 per cent, and sales and labourer positions running to around 9 per cent and 12 per cent respectively," he said.

"Without doubt, Toowoomba is a great location to bring up families or get a foothold in the property market but it also offers a wide range of employment options for those who seek to escape the mortgage pressure created by capital city prices."