Why now is the time to invest in regional NSW
Regional NSW has been in the news a lot lately, coping with one of the worst droughts in living memory. This post is not a drought resilience story. We are here to talk about how you can benefit from investing in regional NSW, in particular Dubbo. The NSW Government is seeing potential, and so should you! Let’s dive in.
Dubbo’s economic development and business insights
Our dynamic region is supported by quality infrastructure, diverse industry and significant growth opportunities. A strategic location in Central NSW means the Dubbo Region has remained at the forefront of regional growth, investment and opportunity.
The main industries in Dubbo are health, retail, education, government services, tourism, manufacturing, construction, agriculture, business services and transport.
Dubbo is home to 53,240 people and the region supports 22,957 jobs with an annual economic output of $6.795 billion. Our strong and diverse agribusiness sector is contributing 14% of total NSW agricultural production. 5.5 million tourists spent $1.3 billion dollars in the region between 2016-2017. To top it off, the Central West and Orana is home to over 27,000 businesses, with $14.5 billion in regional output.
The Dubbo area is well connected by traditional road, rail and air transport. Regular flights from the Dubbo City Regional Airport get you into Sydney in less than an hour. A major passenger rail system and a private rail intermodal are all situated on the crossroads of three major highways.
NSW Government is investing in Dubbo
The NSW Government has a vision for vibrant and growing regional economies, providing NSW residents with more jobs, greater opportunities and a better quality of life.
$4.1 billion is being invested into regional transport infrastructure, including regional growth roads, freight corridors and regional rail lines. $1 billion is being invested into regional water infrastructure.
An additional $500 million is to be invested, enabling infrastructure to support job creation and economic growth across Regional NSW. $200 million has been allocated to support councils and community groups in the delivery of crucial local infrastructure to improve quality of life across Regional NSW.
$200 million will be invested to support sporting and cultural infrastructure. $50 million will be invested in communications infrastructure and delivery of improved regional voice and data connectivity.
The federal and New South Wales governments are investing $1bn in water infrastructure for rural and regional communities.
Specific examples include the $9.3 million funding for the Regional Sports Hub to be located at CSU in Dubbo. The $17.5 million upgrade of Dubbo City Regional Airport and a new train maintenance and service centre to be located in Dubbo.
Dubbo City Regional Airport is one of the leading regional airports in Australia and is located 5km northwest of Dubbo on the Mitchell Highway. The Airport provides direct return services from Dubbo to Sydney, Brisbane, Melbourne (Essendon), Newcastle and Broken Hill, and is serviced by Regional Express (Rex), QantasLink, Fly Corporate and FlyPelican.
More than $241 million has been committed to the Dubbo Base Hospital redevelopment across four stages. Stages 1 and 2 was officially opened in 2016, Stages 3 and 4 are currently under construction.
Why you should invest in regional NSW
Regional NSW is Australia's largest regional economy with a wealth of investment, business and lifestyle opportunities.
Investing and doing business in Regional NSW offers a strategic location that can leverage off Sydney and its growing markets, with connectivity to domestic and international markets.
Regional NSW is rich in resources, talented labour and successful businesses, with lower costs than major cities. It is home to a third of the state's population, and produces one-fifth of NSW's gross state product.
Regional NSW has thriving agricultural, energy and resource industries. It has strong manufacturing, tourism and service sectors.
Regional NSW is a diverse economic powerhouse. Traditional industry strengths have been developed using innovation and technology to add value and increase productivity.
Doing business in Regional NSW costs significantly less than major metropolitan locations. Skilled labour is readily available in Regional NSW, with 50% of the regional workforce holding tertiary qualifications.
The median house prices for your workforce are below national averages - $328k compared to the national average of $485k. If you compare this to the median house prices in Sydney - currently just under a million dollars - the difference is significant.
Dubbo is a great place to live and do business. Dubbo's quality of life continues to attract new residents and visitors alike, with its cultural diversity, welcoming vibrant communities, abundant native flora and fauna and low-stress environment.
Dubbo’s housing affordability, highly attractive land prices and general ‘liveability’ is also a competitive advantage for attracting both families and businesses.
Dubbo is part of the Evocity campaign, showcasing an abundance of opportunities due to our lower cost of living, strong career and business opportunities and enhanced lifestyle. Living in an Evocity means less time commuting, working and stressing, and more time for you and your family to enjoy NSW’s beautiful natural surrounds.
Dubbo also has a vibrant cafe culture and award-winning food and beer scene. Charles Sturt University Dubbo Campus is only minutes from the city centre and provides a small and welcoming study environment.
Dubbo Regional Council (DRC) has recently developed a new Cultural Development Team that will lead a bold new approach to how regional centres promote and showcase culture. Moving beyond the walls of galleries and theatres, the team aims to transmit culture throughout our region and beyond, identifying and developing partnerships to support cultural production, community well-being, social inclusion, economic development, sustainability, activation and tourism growth.
In conclusion
Great location, affordable land prices and lower cost of living, in conjunction with significant investment from the federal and NSW government, make Dubbo and regional NSW a great place to invest in. Are you ready to make the move? Get in touch for commercial and industrial land for sale!