Q1 2018 Key Market Indicators – South Australia
And the highest median weekly family income growth gold award goes to….South Australia!
South Australia continues to prove itself as a contender in the realm of income growth, with the Q1 2018 PRD Key Market Indicators being the 3rd in row (of its series) where South Australia has reported the highest median weekly family income growth. September quarter 2017 figures report a 3.0% growth, making it the highest across Australia, eclipsing the Australian average of 2.3%, Victoria (2.8%), and Queensland and Tasmania (2.5%). This brings South Australia’s median weekly family income to $1,567 per month, higher than Tasmania’s $1,409 per month.
There is good news in regards to home loan affordability as well, with South Australia recording 39.5 index points in September quarter 2017, signifying a 4.2% increase. This is well above both the Australian average of 33.0 index points and growth of 1.9%, making South Australia a desirable destination for those seeking more affordable property options. There has been a 12.6% increase in the number of first home buyer loans over the past 12 months to September quarter 2017 in South Australia, an encouraging figure with room to improve.
South Australia reported an unprecedented increase in nett migration over the past 12 months to June 2017, from 86 to 836 people. This is, put simply, an incredible growth in nett migration and one that should make developers look at opportunities in South Australia. Not surprisingly, South Australia takes out the bronze award for the highest number of dwelling approval growth (as of December 2017), at 5.4%. This equates to 982 dwelling approvals in December 2017, suggesting there is supply coming to meet future demand.
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
For more information on the PRD Key Market Indicators please contact Dr Diaswati Mardiasmo, National Research Manager.