Economic Indicators updated

Despite the slowing of the economy on a national and international scale, the recently published Albury Economic Indicators report highlights continued growth across a number of key indicators at a local level, including Gross Regional Product (GRP), population and labour force participation.

Key findings from the December 2019 Albury Economic Indicators include:

Gross Regional Product (GRP)

As at June 2018, the Albury and Wodonga Local Government Areas (LGAs) had a combined GRP valued at approximately $7.2 billion. This represents a $220 million, or 3.2% increase compared to June 2017.As at June 2018, the Albury LGA had a GRP valued at approximately $3.8 billion, representing a $134 million, or 3.6% increase compared to June 2017.The Albury Wodonga economy is dominated by the 'Public Administration & Safety', 'Rental, Hiring & Real Estate Services' and 'Health Care & Social Assistance' sectors in terms of value-added.All sectors across the local economy remained relatively consistent in the 12 months to June 2018 with the largest growth experienced in the ‘Mining' (+40.7%), ‘Agriculture, Forestry & Fishing’ (+18.1%) and 'Wholesale Trade' (+9.8%) sectors.Sectors that experienced the highest degree of softening included ‘Manufacturing’ (-5.7%) and ‘Information, Media & Telecommunications’ (-1.0%).

Employment

As at June 2018, Albury's labour force was 24,243 compared to 22,818 in June 2017, an increase of 6.2%.

Population

As at 2018, the combined LGAs of Albury and Wodonga had an estimated  population of 95,196. This represents an annual average increase of 1.6% since 2012.As at 2018, the Albury LGA had an estimated population of 53,767. This represents an annual average increase of 1.3% since 2012.Albury’s population is expected to reach 67,427 by 2036, while Wodonga’s population is expected to reach nearly 57,314 over the same period.

Demographics

The five years to 2018 has seen a 5.4% decrease in university enrolments across the border. However, 37% of the Albury population holds a tertiary qualification.The median weekly rent in Albury is $231 and the median monthly mortgage repayment is $1,421.

Property & Construction

In 2018/19 the value of construction for Albury was estimated at approximately $163.1 million, down from $190.1 million in 2017/18. This represents an annual average decrease of 4.5% over the last five years. This decline can be attributed to a decrease in non-residential construction from $51.0 million in 2014/15 to $27.4 million in 2018/19.Residential projects outweighed commercial construction with a combined 685 construction certificates and complying development certificates issued through the year at a value of $135.8 million.Residential property prices continued to steadily increase, with the median house price fetching $344,000 in the 2018/19 financial year. The number of houses sold reduced from 981 in 2017/18 to 874 in 2018/19.The median unit price increased in 2018/19 financial year to $212,500, while the number of units sold softened slightly, decreasing from 244 in 2017/18 to 211.While the number of vacant land sales dropped by 5.5% for the year, the median price increased by 6.9% to $155,000 for the 2018/19 financial year.

A full copy of the report is available here.