And the award for “most improved number of first home buyer loans” goes to….NSW!
New South Wales wins the “most improved number of first home buyer loans” award for the period of September quarter 2016-September quarter 2017, reporting an extraordinary growth of 70.9%. This is an unexpected result considering the comparative prices between Sydney and other capital cities, however it is an encouraging sign for the state as it shows that current land release and first home buyer policies are working. Furthermore NSW takes out the silver for the “highest number of first home buyer loans” for the September quarter 2017, registering 6775 first home buyer loans.
As of June 2017 NSW’s nett migration figures is 14532 people, making it the 2nd highest state after Victoria (19562 people). Interestingly NSW also holds second position in the number of dwelling approvals (as of December 2017) at 5284 approvals, which suggests that there is supply to meet demand. This is good news for NSW as it will further address affordability concerns, considering that NSW records the lowest home loan affordability index at 27.7 points, below the Australian average of 33.0 index points.
Median family weekly income in NSW in September quarter 2017 is $1711/month, which is a 2.3% increase over the past 12 months. Coupled with the fact that NSW takes out the bronze in the lowest unemployment rate category (as of January 2018) – at 5.1% – this brings good news for its economy.
The PRDnationwide Q1 2018 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:
a) Number of loans to first home buyers
b) Home loan affordability index
c) Number of dwelling approvals
d) Consumer sentiment index
e) Standard variable loan
f) Consumer price inflation index
g) Unemployment rate
h) Weekly family income
i) Nett migration
For more information on the PRDnationwide Q1 2018 Key Economic Indicators please contact Dr Diaswati Mardiasmo, National Research Manager, at [email protected]
