There seems to be a positive correlation between the economy and sousing prices and rent and occupied dwellings. When the economy is strong and in an upturn, prices rise. When the economy has a downturn, prices and occupied dwellings fall. Demand is mainly based on the economy within this town as population barely changes over the 3() or so years. Demand is derived from Between 1991 and 1997 median house prices fell ? 16%.
However rents did not fall and stayed relatively stable during this period. Income has only started to rise from 2001 onwards and from then a trend of higher income is recorded. However this is not correlated with housing sales. This can be explained by the jack of change in population and demonstrated in the lack of housing sales Also the fall in rental yield since 1997 demonstrates more buyers who live in banally as opposed to investors looking to rent out the house.
Banally community Good health services People believe it is a safe and welcoming community (95% people feel safe, 82% feel like they belong there according to the Banally annual strategic performance indicator report) Extremely high employment rate (96. 3% according to the Banally annual strategic performance indicator report) It is a clean environment (1,975 trees planted, 16, 103 native plants planted)