Q4 2018 Key Market Indicators – Tasmania
Strong economic fundamentals in Tasmania expected
to lead to more first home buyers in 2019
Tasmania (TAS) closes 2018 with celebratory news for first home buyers, amidst fears that they had been priced out of the market. The number of first home buyer loans approved in the June quarter of 2018 was 458, a 20.5% increase compared to the June quarter of 2017. This is a big improvement compared to the reported 6.9% growth between the March quarter of 2017-2018, earning TAS a bronze medal nationally for the most improved number of first home buyer loans.There may be more relief coming to the TAS property market in 2019, as dwelling approvals increased by 11.2% in TAS over the past 12 months to September 2018. This is already on top of the 14.1% increase in dwelling approvals between June 2017-2018, which suggests that there will be a significant increase in new property stock. This is good news for first home buyers, as extra stock will assist in satisfying increasing interest from interstate investors in the TAS market and may also assist in increasing home loan affordability in the near future.
TAS is the leader in the market for highest growth for median weekly family income, earning a gold medal nationally in the PRD Key Market Indicators Q4 2018 Awards. The TAS weekly family income was $1,432 as of June quarter 2018, a 2.7% improvement over the past 12 months. This shows stable income conditions compared to the 2.6% growth between the March quarters of 2017-2018.
TAS’s unemployment rate improved significantly over the past 12 months to October 2018, declining by -14.5%. This earns TAS a silver medal nationally in the most improved unemployment rate, bringing the unemployment rate to 5.3%; just slightly above the Australian average of 5.0%. Combined with improvements in median weekly family income, this creates strong economic fundamentals in TAS, which should assist in the purchase of more homes in 2019.
PRD Q4 2018 Key Market Indicators provide a quick snapshot of the
current state of the market in Australia from both an economic and property
perspective. The Indicators cover both national and state level data,
of loans to first home buyers
loan affordability index
of dwelling approvals
price inflation index
View the Q4 2018 Key Market Indicators