We all know that jobs growth, wages growth, population growth and economic growth help supports our property markets.
So here's a quick summary of the future of jobs growth in Australia:
- 885,000 new jobs are expected to be created across Australia over the next five years
- 85% of which are likely to be in NSW, Victoria and Qld
- 75% will be in the capital cities, with Sydney and Melbourne getting the lion's share
- 87% of Queensland's anticipated five year job haul (173,750 new gigs) is likely to be in the south east corner of the state
- Most of the new jobs - often over 60% - will be in areas in excess of 20km away from the relative capital city GPOs
This type of stuff gets a lot of airplay, but what doesn't get discussed is what type of jobs are expected.
Will they be low paying, middle income or high paying positions?
Below is a summary table from the latest Matusik Pop + Job Report.
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It shows that in the majority of cases most of the new jobs expected over the next five years across the country are likely to be lower paying ones.
Middle income paying jobs will see some growth, but it is forecast that the number of higher paying positions will see limited growth.
This has real teeth, especially when it comes to housing affordability and also generic price growth.
|Low paying||Middle income||High paying|
|Select Queensland regions|