Q1 2018 Key Market Indicators – New South Wales
And the most improved number of first home buyer loans gold award goes to….New South Wales!
New South Wales wins the gold award for most improved number of first home buyer loans for the period of September quarter 2016 - September quarter 2017, reporting an extraordinary growth of 70.9%. This is an unexpected result considering the comparative prices between Sydney and other capital cities, however it is an encouraging sign for the state as it shows that current land release and first home buyer policies are working. Furthermore, New South Wales takes out the silver award for the highest number of first home buyer loans for the September quarter 2017, registering 6,775 first home buyer loans.
As of June 2017, New South Wales’ nett migration figures were at 14,532 people, making it the 2nd highest state after Victoria (19,562 people). Interestingly, New South Wales also holds 2nd position in the number of dwelling approvals (as of December 2017) at 5,284 approvals, which suggests that there is supply to meet demand. This is good news as it will further address affordability concerns, considering that New South Wales recorded the lowest home loan affordability index at 27.7 points below the Australian average of 33.0 index points.
Median family weekly income in New South Wales in September quarter 2017 was $1,711 per month, which is a 2.3% increase over the past 12 months. Coupled with the fact that New South Wales won the bronze awards for the lowest unemployment rate category (as of January 2018) at 5.1%, this brings good news for its economy.
The PRD Q1 2018 Key Market Indicators provide a quick snapshot of the current state of affairs from an economic and property market perspective. The Key Market Indicators cover both national and state level data, comprising of:
- Number of first home buyer loans
- Home loan affordability index
- Number of dwelling approvals
- Consumer sentiment index
- Standard variable loan
- Consumer price inflation index
- Unemployment rate
- Weekly family income
- Nett migration