Job growth in WA
Western Australian businesses are in job-creating mode – rippling direct benefits onto all sectors of the State’s economy.
Rising employment rates has positively influenced the property market, with the soft property market showing signs of improvement. Rental and overall property prices have finally stabilised after falling 20 per cent in the last three years.
The Australian Bureau of Statistics recorded 10,700 jobs were created in the single month of October, creating one of the best monthly job performances on record. The unemployment rate decreased as a result, moving from 6 per cent to 5.7 per cent – WA’s lowest unemployment rating since September last year.
The number of Western Australians holding full time employment is 935,000 – the largest number since September 2015.
WA pulls out of recession
Households are pulling out their wallets and mining supplies developed an overseas market. This has pulled Western Australians out of their first recession.
Premier Mark McGowan reported the state economy, local jobs and the budget have experienced a defining week. He also said WA economic growth is not limited to the mining sector, as the economy is undergoing a vital growth amongst diverse industries.
This week also saw a sharp fall in the State’s unemployment rate. Households in 2017-18 also increased their overall spending, solidifying the state economies growth.
Figures revealed that if Western Australia was a nation, it would now have the world’s 55th largest economy.
Hope for property growth
Trade-up and aspirational buyers are fuelling a price inflation through upmarket areas. After a gloomy property market in 2018, the industry foresees a glimmer of hope for next year due to this price inflation.
WA home loans have also experienced growing attention, with a 7 per cent increase since June in Wester Australia, meanwhile the remainder of the nation has fallen by 3 per cent.
Real Estate Institute of WA president Damian Collins said WA’s economy was recovering due to the strengthened mining sector, which bound to solidify Perth’s property market after four years of decline. Mr Collins also predicted a 10 per cent bump in rentals next year.
Perth property is categorised as the most affordable of all Australian capital cities, with median property price being $450,000.