Employment growth good for Queensland and Victorian property market – Michael Matusik

Today’s Labour Force figures show that employment numbers continue to grow across the country.

Just under 90,000 new jobs were created across the country last year.  During November, 15,500 new full-time jobs were created & 5,500 part-time positions.

What’s happening state by state?

The graphic below shows that employment growth is accelerating in both Victoria & Queensland.

This suggests a stronger housing market in both states during 2014.

However, as we outline next week in our 2014 outlook post, Melbourne’s house prices are becoming quite unaffordable.

Employment growth in NSW & NT are on trend.  Stable conditions – housing demand-wise – for the year ahead.

Although, like Melbourne, house prices are now too high in Sydney for the average Sydney family.

Things are sliding in SA, WA, TAS and now the ACT.  Unless more jobs are created in these states & territories, their housing markets will remain relatively weak next year & beyond.  That especially applies to new housing demand.

Labour force, like confidence, is a good forward indicator of housing demand.

Without a job it is very difficult to afford a mortgage.

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Michael Matusik

About

Michael is director of independent property advisory Matusik Property Insights. He is independent, perceptive and to the point; has helped over 550 new residential developments come to fruition and writes his insightful Matusik Missive


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