Victoria is catching up but Queensland and WA are struggling, according to CommSec’s State of the States report
Victoria is catching up but Queensland and WA are struggling, according to CommSec’s State of the States report
New South Wales remains Australia’s best-performing economy, with Victoria a close second according to CommSec’s October State of the States report. However Victoria “may consolidate or improve its position over the coming year”, the report noted, driven by strong population growth and retail trade and business investment. In third spot – and leading the nation for housing finance growth – is the Australian Capital Territory, where home lending is almost 20% above the decade average.
The report also shows the states that are struggling, namely Western Australia, where housing finance is down 8.3% below the decade average, with the state in last place for overall economic performance. In 7th place is Tasmania, trailing Queensland. South Australia and the Northern Territory are middle-ranked.
Given growing concerns over apartment oversupply, another notable finding from the report was that NSW is far ahead of other states when it comes to new dwelling starts, 76% above the decade average. That compares with 34.2% in Queensland and Victoria on 40.9%.
Full list:
1. New South Wales
2. Victoria
3. Australian Capital Territory
4. Northern Territory
5. South Australia
6. Queensland
7. Tasmania
8. Western Australia
New South Wales remains Australia’s best-performing economy, with Victoria a close second according to CommSec’s October State of the States report. However Victoria “may consolidate or improve its position over the coming year”, the report noted, driven by strong population growth and retail trade and business investment. In third spot – and leading the nation for housing finance growth – is the Australian Capital Territory, where home lending is almost 20% above the decade average.
The report also shows the states that are struggling, namely Western Australia, where housing finance is down 8.3% below the decade average, with the state in last place for overall economic performance. In 7th place is Tasmania, trailing Queensland. South Australia and the Northern Territory are middle-ranked.
Given growing concerns over apartment oversupply, another notable finding from the report was that NSW is far ahead of other states when it comes to new dwelling starts, 76% above the decade average. That compares with 34.2% in Queensland and Victoria on 40.9%.
Full list:
1. New South Wales
2. Victoria
3. Australian Capital Territory
4. Northern Territory
5. South Australia
6. Queensland
7. Tasmania
8. Western Australia
