Strong Jobs Market Underpins Real Estate

Posted on 1/02/2019  
Strong Jobs Market Underpins Real Estate

The Federal Government will go into this year's election campaign riding the strongest jobs market in seven years, with new figures showing unemployment falling.

The Australian Bureau of Statistics reports the jobless rate edged down to 5% in December after the creation of 21,600 jobs.

Victoria's jobless rate fell to 4.2%, its lowest level since the ABS started measuring unemployment on a monthly basis in 1978. In NSW, unemployment edged down to 4.3%, its lowest level since before the advent of the Global Financial Crisis in 2008.

Through the past 12 months, Victoria accounted for 44% of the almost 269,000 jobs created across the country while NSW was responsible for another 35%.

WA's unemployment rate is the highest in the nation at 6.3% while it is 6.1% in Queensland and 5.9% in both Tasmania and South Australia.

The overall tight jobs market is yet to translate into strong wages growth. When unemployment last averaged 5%, the wage price index was at 3.6%.

A strong employment market is considered by many analysts as a key factor underpinning residential property markets and home values.

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