2015-08-18 Planning and Organisation Committee Attachment 1 to Item 8 AEC Noosa Economic Profile Final Report

Noosa Economic Profile
Final


           Unemployment in Noosa has been consistently higher than SEQ and the State.
            Maintaining a higher unemployment rate is not unusual for tourism areas that possess
            a high quality of life. Additionally, SEQ and State unemployment rates have been rising
            over the last five quarters (albeit not as fast as Noosa). For Noosa, much of the recent
            increase in unemployment is due not to jobs losses but to growth in the labour force.

          Figure KPS.7: Noosa LGA Unemployment and Labour Force

                                  30,000                                                                            8.0%


                                                                                                                    7.0%
                                  25,000

                                                                                                                    6.0%




                                                                                                                           Unemployment Rate (%)
                                  20,000
             Labour Force (No.)




                                                                                                                    5.0%


                                  15,000                                                                            4.0%


                                                                                                                    3.0%
                                  10,000

                                                                                                                    2.0%

                                   5,000
                                                                                                                    1.0%


                                      0                                                                             0.0%



                             Noosa LGA Labour Force   Noosa LGA Unemployment %   SEQ Unemployment %   Queensland Unemployment %


          Source: QGSO (2015)

           Just like Australia, the Noosa economy is made up of small businesses. 64% of
            businesses in Noosa are sole proprietorships (i.e. they do not employ anyone outside of
            the business owner, which is slightly higher than the Australian average (61%). 99% of
            all businesses in Noosa employ less than 20 people (compared with 98% at the national
            level). The importance in the context of Noosa is that there are only 112 businesses that
            employ 20 people or more (only 12 that employ 200 or more).
           Houses in Noosa are more expensive than in other parts of the State. In 2014,
            the median house price in Noosa was $481,410, while in the State it was $405,000.
            Since 2001, the median house price in Noosa has always been higher than the State,
            however, the difference in the median house price between Noosa and the State in 2014
            ($76,410) was at its lowest in 12 years. Median house prices in Noosa have risen by an
            estimated annual average of 7.0% between 2001 and 2014. This is slightly lower than
            the State where the median house price was estimated to have grown by 8.2% annually
            on average over the same period. The housing price differential is likely a function of the
            high levels of amenity in Noosa (for tourism and lifestyle).
           Rent in Noosa is higher than in SEQ and QLD, while mortgage repayments are
            lower. The median monthly rent in Noosa is $1,443 compared to SEQ ($1,283) and QLD
            ($1,300). The median monthly mortgage repayment in Noosa is $1,770 compared to
            SEQ ($1,794) and QLD ($1,850).
           The average value of residential approvals in Noosa are 30% higher than SEQ
            and QLD. Noosa’s average value per residential approval was $371,518 compared to
            $280,458 in SEQ and $283,065 in QLD.




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