Q2 2017 Key Market Indicators – ACT
The PRD Q2 2017 Key Economic Indicators provide consumers with a quick snapshot of the current state of affairs from an economic and property perspective. The PRD Key Economic Indicators cover both national and state level data, comprising of:
· Number of loans to first home buyers
· 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
A key finding for ACT is in relation to affordability, where despite a decreasing trend over the past six months to December 2016 (to 50.8 index points), it remains above the Australian average of 32.9 index points. This is reflected in a 12.0% increase in the number of loans to first home buyer over the past six months, the highest among all states.
Dwelling approvals have seen cooling measures, decreasing to 308 number of approvals. Nett migration has increased, currently at 1045 in May 2017. This provides current stock the opportunity to be absorbed in the market, however also hints at a potential under supply which is a good news for astute investors.
Unemployment rate remains stable at 3.9% in March 2017, which is significantly lower than the Australian average of 5.9%. Furthermore weekly family income has increased to $2608, indicating wage growth and strong potential for future economic growth.