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Toowoomba; Infrastructure Boost

Toowoomba benefits from its position as the western gateway to South East Queensland as well as its prime location on the Melbourne to Brisbane freight route.
 
The local economy has outperformed the state economy for much of the last decade, supported by the agricultural, manufacturing and tourism industries. Several large infrastructure projects have also contributed to employment growth such as the construction of the Second Range Crossing and the development of Wellcamp Airport.
 
Overall, unemployment has remained largely unchanged at a healthy 4.9% in March quarter 2017 while vacancy rates hover around the balanced 3% mark. The median house price has been relatively flat at around $385,000 over the past two years to June 2017.
 
Outlook: Toowoomba will benefit from the work done on the construction of the Second Range Crossing due to open in late 2018, and the traffic it takes out of Toowoomba. The potential for increased freight activity at the new Brisbane West Wellcamp Airport could also contribute to local employment growth. In the medium to longer term, the Inland Rail project will further turn Toowoomba into a logistics hub, connecting Brisbane to Melbourne and to the rest of the interstate rail networks. This will add to growth in the local economy. Over the three years to 2020, the outlook for Toowoomba is for moderate growth of around 2.5% per annum, although this could be greater if these projects have a greater contribution to the local economy and population growth.
Source: QBE Australian Housing Outlook.

Tags: Toowoomba, South East, Queensland, Brisbane, Freight, Economy, Infrastructure.

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