Small business backbone of Noosa economy: report
THERE are only 112 businesses in Noosa that employ 20 people or more and only 12 that employ 200 or more, the Noosa Council's economic profile has found.
The AEC Group- prepared profile found that just like the rest of Australia, the Noosa economy is made up of small businesses with 64% of businesses in sole proprietorships.
This means they do not employ anyone outside of the business owner, which is slightly higher than the Australian average of 61%.
AEC's report says 99% of all businesses in Noosa employ fewer than 20 people, compared with 98% at the national level.
Another key finding is that houses in Noosa are more expensive than in other parts of the state, most likely due to its high- end tourist/lifestyle market. 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% between 2001 and 2014. This is slightly lower than the state (8.2%).
And rent in Noosa is higher than in south-east Queensland and the state while mortgage repay
ments are lower.
"The median monthly rent in Noosa is $1443 compared to SEQ ($1283) and Qld ($1300). The median monthly mortgage repayment in Noosa is $1770 compared to SEQ ($1794) and Qld ($1850).
"The average value of residential approvals in Noosa is 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."
And the profile finds that "Noosa has seen a dramatic reversal of trends in residential building approvals".
"Since 2006-07, there has been a dramatic and consistent decline in the number of and value of residential building approvals.
"In 2014, the number of residential building appro
vals almost doubled and the value of building appro
vals increased by 30%.
"The change could be influenced by the increase in population growth experienced in 2014." Increased local building activity would greatly benefit the local economy, the AEC report said.