WA holds off QLD to remain top performing state
WA led the national rankings, coming first in five of the eight economic indicators - with QLD moving up from third spot joining South Australia in second place.
WA has held off Queensland to claim top spot as the best performing economy for the second quarter in a row, according to the latest State of the States report.
The CommSec analysis – in its 16th year – showcases which state or territory economy is top of the rankings, by tracking eight key economic indicators and comparing the latest data.
In its latest report WA led the national rankings coming first in five of the eight economic indicators.
In a closely fought contest, Queensland moved up from third spot, joining South Australia in second spot. Victoria remains in fourth place, with Tasmania steady in fifth place.
NSW leapfrogged the ACT into sixth from seventh place, with the nation’s capital slipping back to seventh. The Northern Territory remains in eighth spot.
“Overall, economies have slowed in response to higher interest rates and inflation,” Chief CommSec Economist Ryan Felsman said.
“However, Australian states and territories are proving resilient due to a strong job market and solid population growth.
“As consumers respond to higher borrowing costs and price pressures, the future path will depend on whether the job market can hold up as well as the trajectory of interest rates over the coming months.
“Western Australia’s performance across a number of indicators, namely retail spending, unemployment, population growth, housing finance and dwelling starts powered the state to the top of our economic leaderboard for the second quarter in a row.
“Queensland however is nipping at WA’s heels, having shot up to equal second place alongside South Australia, with solid results across the eight economic indicators and strong economic momentum.
“As expected, the interest-rate sensitive south-eastern states remained in a tight cluster mid-table.”
Real Estate Institute of Western Australia chief executive officer Cath Hart is predicting a 10 per cent growth in the Perth property market.
Though this could be impacted by state and federal elections, as well as interest rate trends.
“We know market activity often slows in the lead-up to elections as buyers and sellers wait to see the outcome,” she said.
“This is especially so when housing is one of the key policy areas — as will be the case in both elections.”
Australian Conveyancer’s own state-by-state an analysis uncovered a picture of booming property sector where more settlement agents were needed to serve ‘crazy hot’ WA.
Our findings showed WA’s 697 licensed settlement agents – working in 350 businesses – completed 90,354 transactions in the latest financial year as the state continues to see a housing growth spurt
Read the full report here
