A new hotspot for investment and economic activity appears to be emerging 40 kilometres north of Adelaide in the regional township of Two Wells.
A study by Hudson Howells found robust economic growth indicators in Two Wells over the period covering 2016 to 2021, outpacing the gains achieved in Greater Adelaide.
Hudson Howells economist Phill Hudson said Two Wells seems to be a perfect choice for many investors who want to take advantage of its growth prospects.
“It stands alone as a model of government and private sector collaboration delivering what new home buyers want — housing choice, housing affordability, education, community services, jobs and regional economic development,” he said.
"Two Wells is one of the youngest, most affordable, most progressive, and fastest growing urban regions in Adelaide.”
Here’s a comparison between Two Wells and Greater Adelaide’s demographic and socio economic indicators over the 2016-2021 period.
Two Wells versus Greater Adelaide |
||
|
Indictor |
Two Wells |
Greater Adelaide |
|
Population Growth Rate |
27% |
7.1% |
|
Persons Aged 0 to 19 |
27.1% |
22.8% |
|
Average Household Size |
2.78 |
2.34 |
|
Median Age |
35 |
41 |
|
Couples with Children |
47.5% |
42.6% |
|
Median Weekly Income |
$1,906 |
$1,746 |
|
Households Renting |
10.9% |
28.4% |
|
Born Overseas |
17.3% |
31.3% |
On top of these, housing construction and associated infrastructure in Two Wells supported the creation of more than 2,300 jobs during the period.
Around 700 jobs, meanwhile, were created thanks to Two Well’s socio-economic infrastructure development that included flood mitigation and the establishment of Xavier College R-12 school. These projects generated $95 million in gross state product (GSP).
Planned future projects in Two Wells are projected to produce an additional 1,550 jobs and generate $219m in GSP.
Adelaide Plains Council CEO James Miller said one of the drivers of this boom is the partnership with Hickinbotham Group to establish a $1.2bn master-planned community that will house more than 3,000 families.
“The Hickinbotham Group’s investment has, without doubt, been the stimulus for the tsunami of growth currently on foot — with Adelaide Plains Council the second fastest growing council in South Australia, the council has been working diligently and prudentially in acquiring eight hectares of strategic land in the town centre from the Crown as a means of facilitating retail, commercial and community facilities for our ever-growing community,” he said.
Hickinbotham Group managing director Michael Hickinbotham said the new venture would be provide further support to Two Well’s economic growth.
“This investment has created thousands of jobs and exciting new economic opportunities for families who live and work in Two Wells and the region,” he said.
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Photo by Solarence on Wikimedia Commons
