A recent Economic Profile report released by Bankstown City Council shows an increase in consumer confidence throughout the local government area.

In the past year Bankstown has seen the emergence of 784 new businesses taking the area’s economic profile to $7.9 billion. This takes the number of businesses operating in Bankstown to 15,769.

“Bankstown City Council supports local business and encourages the commercial growth of the area,” Mayor of Bankstown Clr Tania Mihailuk said.

“The reported growth in property values for Bankstown is a further indication of an increase in consumer confidence.”

Since December last year, the median house price rose by $42,000, or 8.8 per cent, taking the average cost of a home in Bankstown to $520,000. The cost of rent also increased by about $30, taking the median weekly rent of a three bedroom home to $420 per week.

The report also shows a spike in tourism, with income generated by tourism accommodation rising by 9.1 per cent. In the year to the December quarter 2010, $3.8 million was generated by tourism accommodation, with average per room takings also rising by 2.3 per cent.

Dwelling approvals also rose by 38.4 per cent over the year to the December quarter 2010 with 166 applications approved with a total value of $187.8 million. Of the approvals 29.7 per cent were residential dwellings, while 18.4 per cent were non-residential buildings.