Inverell Shire Council Investment Profile
Inverell Shire Local Government Area
NORTHERN INLAND NSW
Inverell Shire Local Government Area
At a Glance
Inverell is a friendly town with a strong family atmosphere and community cohesion. From the central business district to the outlying areas of Inverell, the community has developed its unique character on foundations of unity and rural resilience.
Inverell continues to produce an annual growth rate of 2.79%, making the town one of the fastest growing centres in New South Wales.
The lifestyle the community enjoys cannot be replicated anywhere else. The aged remain to enjoy their retirement, the strong business community is moving from strength to strength, and young people, once upon a time leaving in search of life experience, return to Inverell to raise their own families in Inverell’s warm and welcoming community.
Land area (sq. km) Population Gross Regional Product ($M) 8,595 16,936 819
Major industries of employment
Education & Training Manufacturing Health care Retail trade Accommodation Agriculture (Beef processing) and and (Broad acre cropping, social assistance food services cattle)
Average annual wage Average weekly rents Average monthly Median house price Average value of private & salary income (3 bedroom) mortage (3 bedroom) sector building development $38,127 $280 $1,298 $210,000 $281,000
Contact information for Economic Development Ken Beddie Ph: (02) 6728 8288 | Website: www.inverell.nsw.gov.au
Inverell Shire Local Government Area 3
Inverell Shire Local Government Area 5 Investment Opportunities
Current Projects
Recent and potential projects in the Inverell Shire include:
• Bindaree Beef biodigester and modified atmospheric packing room ($46m) – with the potential to double the workforce at the plant, while cutting energy costs and carbon emissions; • National Transport Museum ($1.5m) - a tourist attraction documenting examples of over 100 years of transport in Australia; • $3.6M expansion of the Inverell Sewerage Treatment Works to take its capacity from 12,000 to 18,000 residents in Inverell; • $5M new Ashford Water Treatment Plant; • $0.5M investment by Council in Solar Energy Systems across 7 sites; • Over 2015/2016 and 2016/2017 Council is undertaking Road Asset Renewals and Upgrades totalling $21.1M, its largest ever Road Construction Program; • Implementation of Shire wide Waste Strategy $4M • Establishment of Regional E-Waste Facility $2M • New $2M Inverell Medical Centre • Council will in 2016/2017 release Stage 2 of its Rifle Range Road Industrial Subdivision; • A number of growing businesses including Boss Engineering, Inverell Bearing Centre, Inverell Motor Wreckers, Cameron’s Spray Painting, Truck and Trailer Services Inverell, New England Chiropractic Inverell expanding their premises or building new larger purpose built premises. Investment Opportunities
Agriculture (grazing and cropping) have been the mainstay of the Inverell economy. There is considerable scope for mitigating the risks associated with a heavy dependence on agriculture by diversifying the regional economy. It is important to recognise that logistics pathways are changing in the digital era, and regional economies must take advantage of this change. The objective is to provide a more stable income base for regional economies to boost their resilience, and where possible to compete, to engage in more processing/value adding to capture a greater share of the value chain.
There are several investment opportunities of significance in the Inverell Shire:
Renewable Energy – Inverell will host the White Rock and Sapphire wind farm and White Rock solar farm developments with potential to expand on renewable resources in the region to capitalise on the nearby 330kV TransGrid electricity transmission lines. These will complement the Bindaree Beef biodigester project which produces renewable methane gas. These wind and solar developments are located within both the Inverell and Glen Innes Severn LGAs
Business co-location with renewables – there may be opportunities to locate high energy using businesses at the foot of renewable electricity assets in the region to reduce their energy costs and improve their competitiveness;
Transport – there is a need to upgrade several key pieces of road infrastructure in the region to allow access for larger trucks to the Bindaree Beef operation. This would significantly improve the cost-effectiveness of the transport task;
Aged care – There is potential for further expansion of housing for the aged by private developers, such as Seniors Living;
Tourism – the renewable energy developments in the eastern portion of the Inverell LGA will open up opportunities for the visitor economy, with educational tours associated with renewable energy. Gem fossicking is also a tourism activity with potential for expansion, as is fishing for native Australian fish species such as Murray Cod;
Agriculture accessing North Asia - food safety is becoming a critical unique selling point as Asian affluence grows. There are significant price premiums to be gained by becoming a trusted supplier. This is all about brand recognition – not just ‘branding’.
Inverell Shire Local Government Area 7 Community Profile
Population
• Inverell Shire LGA has a significant proportion of its population in the working-age category, which is a benefit to business investors in the region.
Population by Age Bracket Lifestage (%) - Inverell
0-4 years 5-9 years 10-14 years 15-19 years 20-24 years 25-29 years 30-34 years
Age 35-39 years 40-44 years 45-49 years 50-54 years 0-4 years (pre-school age) 7.02% 55-59 years 5-19 years (school age / dependants) 20.81% 60-64 years 20-64 years (working age) 52.87% 65 years and over 65-74 years (retirement) 10.75%
0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 75+ years (elderly) 8.56%
Males Females
Education Highest Qualification (%) - Inverell
• 16.3 % had ‘Certificate Level’ qualification • 5.3 % had ‘Bachelor Degree Level’ • 4.1 % were ‘Advanced Diploma and Diploma Level’
Certificate Level 13.87% Bachelor Degree Level 10.10% Advanced Diploma and Diploma Level 5.30% Graduate Diploma and Graduate Certificate Level 1.72% Postgraduate Degree Level 4.63% Other 64.38% Business Activity
Businesses by Industry
0 100 200 300 400 500 600 700
Agriculture, Forestry and Fishing Mining Manufacturing Electricity, Gas, Water and Waste Services Construction Wholesale Trade Retail Trade Accommodation and Food Services Transport, Postal and Warehousing Information Media and Telecommunications Financial and Insurance Services Rental, Hiring and Real Estate Services Professional, Scientific and Technical... Administrative and Support Services Public Administration and Safety Education and Training Health Care and Social Assistance Arts and Recreation Services Other Services Currently unknown
Over $2 million 6% $0 - $50,000 26% Businesses by Turnover $50,000 - $99,000 18% $100,000 - $199,999 18% $200,000 - $499,000 17% $500,000 - $1,999,999 15%
Inverell Shire Local Government Area 9 Value-Added Value-Added ($M) - Inverell (Apr 2016) Rental, Hiring & Realestate Services by sector Agriculture, Forestry & Fishing Health Care & Social Assistance This report shows the value that is added by Manufacturing Retail Trade industry sectors in Inverell to intermediate Education & Training inputs. The total value-added estimate for Public Administration & Safety Inverell is $779.778 million. Value-added Financial & Insurance Services is a reflection of the returns to capital Contruction and labour generated by each sector and Wholesale Trade Electricity, Gas, Water & Waste Services hence the potential profits which can be Industry Sector Accommodation & Food Services re-invested. Professional, Scientific & Technical Services Transport, Postal & Warehousing Other Services Administrative & Support Services Information Media & Telecommunications Mining Arts & Recreation Services
0 20 40 60 $M 80 100 120 140 160
Gross Regional Output ($M) - Inverell (Apr 2016)
Product Manufacturing Rental, Hiring & Real Estate Services • Per Capita Gross Regional Product Agriculture, Forestry & Fishing Construction $53,000 Retail Trade • Per Worker Gross Regional Product Health Care & Social Assistance $148,000 Wholesale Trade • The graph to the right shows the gross Public Administration & Safety revenue generated by businesses and Electricity, Gas, Water & Waste Services organisations in the Inverell Shire. Eductaion & Training The total output estimate for Inverell is Financial & Insurance Services
Industry Sector Accommodation & Food Services $1,630.268 million. Professional, Scientific & Technical Services • Agriculture dominates industry output, Transport, Postal & Warehousing driven by broad acre cropping and cattle. Other Services Information Media & Telecommunications Administrative & Support Services Mining Arts & Recreation Services 0 50 100 150 200 250 300 350 400 $M Housing and Construction
Building Approvals and Construction (February 2016)
New New other Total Value of Value of new Value of alterations & Value of total Value of Value of total houses residential dwellings new houses other residential additions including residential non-residental building building no. building conversions residential buildings building building no. no. no. $’000 $’000 $’000 $’000 $’000 $’000 54 4 72 14,863 785 2,699 18,321 12,699 31,019
Property and Land (April 2016)
House Prices (realestate.com.au)
The median sales price for houses in Inverell in the last year was $254,300. Compared to the same period five years ago, the median house sales price for houses increased 15.6% which equates to a compound annual growth rate of 2.9%.
Rental Yields (realestate.com.au)
The rental yield for houses in Inverell was 5.7% over the preceding 12 months.
Land Values (NSW Land & Property Information)
The average land value for a single residential dwelling site in 2014 was $66,000, representing an annual change of 9%.
Inverell Shire Local Government Area 11 Employment
This report shows the number of employees whose place of work is located within Inverell. The total employment estimate for Inverell is 5,767 jobs.
Employment (jobs) - Inverell (Apr 2016)
Retail Trade Health Care & Social Assistance Agriculture, Forestry & Fishing Manufacturing Education & Training Accommodation & Food Services Public Administration & Safety Construction Other Services Wholesale Trade Professional, Scientific & Technical Services
Industry Sector Transport, Postal & Warehousing Financial & Insurance Services Rental, Hiring & Real Estate Services Administrative & Support Services Electricity, Gas, Water & Waste Services Information Media & Telecommunications Arts & Recreation Services Mining 0 100 200 300 400 500 600 700 800 900 1,000
Jobs
Labour Force Status Inverell (2011)
Persons %
Not in the labour force 5,091 31.67% Employed, worked full-time 4,054 25.22% Employed, worked part-time 1,916 11.92% Employed, away from work 369 2.30% Unemployed, looking for full-time work 348 2.16% Unemployed, looking for part-time work 152 0.95% Not stated 729 4.53% Not applicable 3,417 21.26% Total 16,076 100.00% Tourism
Key Measures Key Attractions: Visitors (000’s) 91 • Arts & culture Nights (000’s) 292 • Boutique shopping Average Length of Stay (nights) 2.8 • Fossicking Expenditure ($ Million) 38 • History & heritage Spend per visitor ($) 372 • Food & wine Spend per night ($) 129
This graph shows the gross revenue generated by businesses and organisations in Inverell to service demand generated by tourists to the area. The total value of tourism related output for Inverell is estimated at $54.804 million.
Output attributable to Tourism ($M) - Inverell (Apr 2016)
Accommodation & Food Services Retail Trade Transport, Postal & Warehousing Ownership of Dwellings Manufacturing Administrative & Support Services Wholesale Trade Education & Training Rental, Hiring & Real Estate Services Not in the labour force 5,091 31.67% Arts & Recreation Services Employed, worked full-time 4,054 25.22% Other Services Employed, worked part-time 1,916 11.92% Industry Sector Information Media & Telecommunications Employed, away from work 369 2.30% Health Care & Social Assistance Unemployed, looking for full-time work 348 2.16% Agriculture, Forestry & Fishing Unemployed, looking for part-time work 152 0.95% Financial & Insurance Services Not stated 729 4.53% Professional, Scientific & Technical Services Not applicable 3,417 21.26% Construction Total 16,076 100.00% Public Administration & Safety Electricity, Gas, Water & Waste Services Mining 0 5 10 15 20 25 30
$M
Inverell Shire Local Government Area 13 Climate
INVERELL
150
125 30
100
75 20
50
Mean rainfall (mm) 10 25 Mean maximum temperature (oc)
0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Month
056242 Mean rainfall (mm) 056242 Mean maximum temperature (oC)
Created on Mon 2 May 2016 12:46 PM AEST
For More Information
Please contact Ken Beddie Ph: (02) 6728 8288
Data sourced from
• Australian Bureau of Statistics • REMPLAN 2016 • NSW Land and Property Information Service • Realestate.com.au • Destination NSW • Bureau of Meteorology Inverell Shire Local Government Area 15 NORTHERN INLAND NSW