HOUSE prices, visitation to the region and business growth are on the up in Swan Hill but so is unemployment, the economic update for the municipality revealed.
Swan Hill Rural City Council’s economic update for the 2015 calendar year was released at its March business meeting on Tuesday, revealing several positive trends and a couple of negative ones.
The rural city’s Gross Regional Product (GRP), the net measure of wealth it has generated, showed a small increase from $1.028 billion to $1.092 billion between 2013 and 2015 — however, these figures were not adjusted for inflation.
Median house prices in Swan Hill jumped by four per cent, or $10,000, between January 2015 and 2016 to reach $240,000, while in 2015 there was a 14 per cent increase in the number of building permit applications and a 45 per cent rise in the value of building works taking place in the municipality.
Additionally, there were 16 new businesses in the municipality in the last financial quarter of 2015, and since 2012 the number of businesses in the Swan Hill region turning over more than $2 million increased by 15 per cent (from 162 to 186).
On the other hand, there was a slight increase in unemployment, from 4.9 per cent for last year’s June quarter to 5.4 per cent in the September quarter — by comparison, Victoria’s statewide average was 6.1 per cent for the same period.
There was also a 1.3 per cent drop in the municipality’s growth rate from 2013 to 2014, going from 20,865 to 20,580 people.
Council’s director development and planning, Adam McSwain, said the update showed differing signs for different sectors.
“While there are some positives in the report, we’re completely aware that some parts will be struggling more than others,” he said.
However, he thought the biggest positive came in the area of tourism, with visitation on the increase even before the launch of the Heartbeat of the Murray experience last November.
“Between September 2014 and 2015, there was an increase in overnight stays, an increase in the amount of nights spent in the overall region and an increase in domestic day visitors,” Mr McSwain said.
