Q3 2017 Key Market Indicators – South Australia
The results are in: South Australia leads the way in weekly family income growth, at 4.1% over the past 12 months, to $1545 in March 2017. This level of growth is almost double the Australian average (2.2%), suggesting a highly active commercial environment strong fundamentals for future economic growth.
The PRDnationwide Q3 2017 Key Economic Indicators provide consumers with a quick snapshot of the current state of affairs from an economic and property perspective. The PRDnationwide 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
South Australia records the third largest growth in home loan affordability, at 4.7%, behind Northern Territory (10.2%) and Western Australia (4.9%). That said this remains above the Australian average of 32.9 index points, suggesting South Australia holds its place as an attractive option for interstate investors.
The number of loans to first home buyer continues to grow in South Australia, 3.3% over the past 12 months to 1207 loans in March 2017. This is good news for local first home buyers, who may be wary of competition from investors.
Dwelling approvals has slightly increased (by 0.5%) over the past 12 months, to 1027 approvals in June 2017. This is a 8.0% increase over the last 3 months, the 2nd highest increase in dwelling approvals across Australia. Nett migration has seen a further decrease over the past 12 months, to -326 people in December 2016. This suggest a path towards demand and supply equilibrium in the coming months, and even potentially a slight oversupply. This will further increase affordability - great news for first home buyers.
Unemployment rate has decreased over the past 12 months, to 6.2% in July 2017. Although this is good news, it is still above the Australian average of 5.6%. That said the weekly family income has increased to $1,545; suggesting wage growth and strong potential for future economic growth.