Wednesday 14 March 2018

Fresh economic data released by Hunter Research Foundation

BY LAUREN FREEMANTLE

New data from the Hunter Research Foundation reveals improved economic recovery in the Upper Hunter.

The region's employment rate is above the state and national average at 4.2% after an increase of 5900.

House prices saw mixed results in the six months to December 2017, as median house prices fell 5%, spearheaded by falls in Singleton, with the median price of houses there being sold at $390,000 - the area's lowest since 2011.

However, the Muswellbrook housing market finished stronger with 23% growth - suggesting an imbalance in supply and demand has been solved.

Lead economist at the Reseach Foundation, Dr Anthea Bill, said there's been a growth in short-term business and household confidence, with key indicators of household spending showing a higher average than the past 5 years.

"Certainly, we've seen measures of confidence in the regional economy which are well above the lows we saw in 2014 and 2015.

"We're now seeing household optimism in the regional economy, particularly over the short-term territory; so optimists are out-numbering pessimists. "