Victoria is Now Top State Economy
A recent report done by CommSec said that New South Wales is no longer the top state economy in Australia. Victoria beat out NSW as the top state economy because the population growth in the state is so strong, as well as the healthy construction activity. The property price slide in Sydney also contributed to these results.
For the past 9 years the report has been done, Victoria has not been named the top state by the CommSec. But after carefully covering various indicators such as the population, housing, jobs, investment, and the construction activity, Victoria has now taken the top spot. According to CommSec, what really made this huge jump was because of the strength in population that helps in the housing growth in the state.
NSW still did amazingly and came in next. NSW held on indicators such as retail spending and jobs -- Job market is also very strong in the state. ACT, Tasmania, and Queensland followed respectively. Because of weak job market, West Australia’s rank was affected and it belonged in the 8th spot. However, the positive trends in equipment spending actually helped it a little bit. Sydney has experienced the biggest drop in median house price, which was very different from last year where there was growth both in houses and apartments. Melbourne, however, experienced positive price growth in property earlier this year.
Investors and other property buyers should also look out for Tazmania, where it is predicted that it’s going to be the up-and-comer and has all the potential to perform incredibly. It is seen to be a top state economy especially because of the growth on economic indicators. The property market in Tazmania has also been performing well. Hobart’s median house price also rose and the population growth is very strong as well.