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.
Subscribe & don’t miss a single episode of michael yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to michael yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.