Property ‘biggest employer’

By John Van Klaveren
THE PROPERTY industry is the Barwon region’s largest employer, according to a new study.
The study shows the property industry employs 33,527 Barwon region full-time equivalent workers.
The figure represented the property industry’s largest proportional contribution to total employment in Victoria, the study revealed.
In comparison, G21 Geelong Alliance figures show retail employing 19,237 staff in the region, manufacturing 19,016 and health 17,368.
Property Council of Australia’s Victorian division commissioned the study, providing figures for the Barwon statistical division and major sub-regions.
The G21 Region covers the same area as the Barwon statistical division.
The property council report aimed to identify the economic impact of the industry throughout the state.
The report said greater Geelong contributed $2.7 billion, or three per cent, of Victoria’s property industry gross product.
Geelong also had the highest total unimproved capital value of sub-regions land at $22.3 billion, mainly residential.
The total land value for the region was $37 billion.
“Greater Geelong recorded the highest land values across all land types compared to the other major sub-regions,” the study said.
Greater Geelong also recorded the highest number and value of residential building approvals.
The study said 4298 approvals were valued at $1.1 million in 2009/2010.
The region also had the highest value of non-residential approvals at $693 million.
Barwon contributed almost $246 million in state taxes and $194.6 million in property rates and municipal charges.
But the latest property council confidence survey showed “sentiment” dropping.
Global economic conditions and low confidence in the Victorian Government was driving the fall, the survey said.
Property Council Victoria executive director Jennifer Cunich said sentiment was dangerously weak in Victoria
Continued decline in Victorian economic growth expectations despite a rise in national expectations was a worry, she said.