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Macarthur Regional Organisation of Councils

Camden, Campbelltown, Wollondilly

 

MEDIA RELEASE - Macarthur's Economy Remains Resilient


29 October 2009


A rebound in housing approvals and house prices has illustrated that the Macarthur economy is adjusting well to the economic slow down induced by the global financial crisis.

Recent economic data, outlined in the current Macarthur Economic Profile, has indicated that:


• the number of building approvals for new houses rose by 10.7 per cent in the June 2009 quarter

• median rentals for three bedroom houses in Macarthur increased by more than 8 percent in the June quarter, much higher than the 6.1 percent rise in the greater Sydney region

• the average housing rental yields in Macarthur in the March 2009 quarter were around 200 basis

• other than Wollondilly the median sale prices of houses rose across the region in the March 2009 quarter, in contrast to a 5.9 percent decline in the greater Sydney area


MACROC President, Cr Anoulack Chanthivong said that the first home buyers grant introduced by the Federal Government as part of its stimulus package had a significant impact in buoying up the property market, stimulating the local housing industry and increasing the demand for employment in our region.

“The targeted and timely introduction of the economic stimulus packages by the Federal Government has greatly influenced the better than expected economic results in our region.  This has helped local businesses continue to meet the resilient economic demand and helped the level of employment and economic activity in our region,” Cr Chanthivong said.

MACROC publishes the Macarthur Economic Profile to keep businesses and residents informed of current economic conditions and emerging trends in the Macarthur region. The document can be downloaded from the MACROC website at www.macroc.nsw.gov.au


Media Contact:

Cr Anoulack Chanthivong
President
Mobile: 0412 413 377


File: MEDIA RELEASE - Macarthur's Economy Remains Resilient
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Version: 29/10/2009

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