Property Highlights by Troy Gunasekera

Australia’s Residential Vacancy Rate Tightest It Has Been In Years

Property Club Property Market Insights

Great news came through for our economy and property markets that :

  • Australian employment growth surged in October, keeping the unemployment rate steady at a six-year low despite an increase in labour market participation.
  • Full-time employment jumped by 42,300, adding to the gains seen in September.

The increase saw Australia’s employment to population ratio — measuring the proportion of working-age Australians with a job — lift by 0.1 percentage points to 62.3%, leaving it up 0.5 percentage points from the same time last year.

The ratio now sits at the highest level since March 2011.

September’s jobs increase, originally reported at 5,600, was also revised up to show a gain of 7,800.

 

Making the headline increase all the more spectacular, it was entirely driven by full-time employment which rose by 42,300, more than offsetting a 9,500 decline in part-time workers.

Over the past year, full-time employment has risen by 238,800, outpacing an increase in part-time employment of 69,400.

Mirroring the strong lift in employment growth in October, the ABS said total hours rose by 6.1 million hours, or 0.3%, to 1.7644 billion hours.

Australia’s population will surge to 30 million by the early 2030s

Australia’s population will surge to 30 million by the early 2030s, decades earlier than once predicted, with Melbourne primed to leapfrog Sydney to become the nation’s first city of 10 million and the ACT overtaking Tasmania’s entire population soon after.

Great news for our property markets with increasing supply required for our burgeoning cities.

According to the ABS update, Victoria will emerge as the engine room of the country with its total population expected to grow by between 60 and 130 per cent to 2066. In the middle of the three scenarios the ABS has modeled, Melbourne is likely to become the first city in Australia to house 10 million people in that year.

ABS director of demography Anthony Grubb said: “The aging of Australia’s population as a ­result of sustained low fertility, combined with increasing life ­expectancy, is likely to continue with the number of people aged 65 years and over also projected to nearly double, from 3.8 million people in 2017 to between ­6.4 million and 6.7 million people in 2042.”

In June, the oldest one million Australians were aged 79 and older. By 2066, the oldest one million people will be aged 87 and older, while there will be about 3.25 million aged 79 and older.

This brings together some key points to be aware of:

  1. There will definitely be increased demand for dwellings/properties for our increasing population
  2. With the current intervention in our markets by the financial authorities, there is less supply of housing coming through
  3. Therefore in the years to come, there will be (another) mini property boom, as there will be a lot of increasing demand, with historically (this current period) not much supply coming through
  4. Even more importantly, we are healthier, living longer, so we need to invest for our retirement, which based on current reality and expectations will be up to 30 years!

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Have a great weekend and catch you next week!

Warm Regards,