Things that Affect Property Market of Australia – Part II
This blog is in continuation to the one written earlier under the same title and the introduction.
Australia’s economy is at its best, where in interest rates are running quite low, people look at this as an opportunity to invest in property and eventually save some in total repayment. However, there are several different aspects of Australian economy that’s directly affecting the property market.
According to the quarterly CommSec State of States report, key indicators were assessed to establish the performance of the states and territories. The report states – “NSW is on top because population has been growing in recent years and now home construction is responding to the shortage of accommodation.”
Let’s find out how the Australian states and territories are presently dealing with a range of factors –
As of now, the current unemployment rates are more than their decade averages in all the Australian states and territories. Nation’s strongest job markets are led by the lowest unemployment rate of 4.3 per cent in Northern Territory followed by ACT at 4.4 per cent and Western Australia on 5.7 per cent.
Australia witnessed an ease in the population growth in most of the sates apart from the Northern Territory. With an annual growth rate of 2.12 per cent, WA is looking the strongest, Victoria in second with a growth rate of 1.77 per cent and NSW at 1.43 per cent. Additionally, Tasmania too witnessed the strongest growth rate in 2.5 years at 0.64 per cent.
The peak spot for housing finance in Australia is fixed for Victoria with potentials that are 11.5 per cent more than the average. Sitting next to it are NSW at 10.4 per cent and WA at 5.5 per cent. The weakest market for housing finance is the Northern Territory, followed by Southern Australia and Tasmania.
Since the rates are at their lowest, the best thing is to speak with a finance broker at Loans Direct if you are thinking to invest in a property or willing to get the most suitable deal for a home loan.