Economic Pillars2018-09-05T09:02:31+11:00

Economic Pillars

Strategic location, diversity and exciting opportunities.

It all adds up in the Parkes Region for tourism, lifestyle and investment.

Regional growth

Parkes is a thriving Shire centrally located within NSW and is literally at the crossroads of the nation. Here, at the intersection of the Newell Highway (N-S) connecting Brisbane and Melbourne and the transcontinental railway (E-W) linking the eastern seaboard to Perth, Parkes is ideally positioned to form a unique logistics opportunity for Australia.

This unique characteristic has made Parkes one of the most significant locations in the future of transport and logistics in Australia. Parkes’ strategic importance will be further boosted when the Inland Rail from Melbourne to Sydney is complete.

A diverse and progressing regional economy

The Parkes Shire generated Gross Regional Product (GRP) of more than $1.0 billion in 2010-11, representing annual GRP growth of 2.3%. The mining industry is a key driver of the local economy, accounting for one third and almost 6% of the Shire’s total GRP and employment respectively.

During the last five years, industries recording the highest growth include wholesale trade, health and social assistance, construction and transport, postal services and warehousing. For the latest information on Parkes' Economic Profile, please visit the Parkes Economic Profile Page.

Value add by industry

Outside of mining, the local economy is relatively diversified with the agriculture and transport sector and the postal and warehousing sectors together contributing more than 13% of the Shire’s GRP and almost a fifth of local employment. Other key employers include retail trade (12.3%) and health care (11.8%), reflecting Parkes’ role as a regional commercial and administrative service centre.

Key industries

Real estate

Although Parkes has seen significant real estate growth in recent years, it remains very affordable for new residents.

According to the ABS (Census 2011) the average rent in Parkes is $150 a week compared to the Australian Average of $285 and the average monthly mortgage is $1,300 compared to the Australian Average of $1,800. Parkes Shire Council employment, population and community statistics can be found here (link is external).

According to Australian Property Monitors (APM), the median house price in Parkes 2013/14 was $255,000 and they project a 4.3% growth to $266,051 over the next 12 months. Especially when compared to Sydney, where median house prices are over $1 million, Parkes becomes a very affordable investment.

Parkes has also recently been featured in Your Investment Property Magazine as one of the top 50 hotspots to invest in Australia, the magazine said "Investors would do well to focus on three-bedroom houses, which aside from attracting the most demand from buyers, have had the highest rental growth in recent times. The cost of houses is low, too (most deals are under $250K), making it a good choice for investors with this figure in mind."

Water security

For communities to thrive and grow there is an expectation that Government at all levels will work together to provide a safe and reliable water supply. Having a secure water supply provides a catalyst for population and economic prosperity for a town like Parkes. Water supplies contribute to aspects of economic growth such as levels of service, visual amenity, sporting facilities, population, business sustainability, employment opportunity, property prices, visitation, health and wellbeing and regional participation.

The existing Parkes Water Treatment Plant servicing the Parkes and Peak Hill water supply schemes is currently in the planning phase of a $33M upgrade to meet projected demand for the supply of required quantity and quality of potable water to the Shire. The new, fit for purpose plant will more than double the capacity and provide a modern treatment standard solution that is cutting edge in its technology and sustainability. Council is also replacing its existing sewerage treatment plant.

Parkes Shire Council has recently completed a dam safety upgrade on the area’s major water supply, Lake Endeavour Dam, at a value of $12.2 million. Lake Endeavour Dam is one of the primary sources of water for the Parkes town water supply and has operated in a satisfactory manner for 76 years. In order for this critically important asset to be secured into the future and to ensure compliance with new national standards catering for extreme flood and drought events, significant upgrade works are currently being undertaken.

For more information, visit the Parkes Shire Economic Profile page.

Economic Overview

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