The latest CommSec State of the States report shows that Victoria continues to benefit from solid population growth and a strong job market.

Victoria remains Australia’s best-performing economy, leading the overall economic performance rankings. Victoria ranks first on economic growth, retail trade, the job market and construction work done. Victoria’s lowest ranking of the eight states and territories is fourth on relative population growth.

Victoria has the strongest job market in Australia. Trend unemployment in Victoria stands at 4.8 per cent, a rate 14.4 per cent below the decade average. Employment is also 14.0 per cent above the decade average.

Retail spending in Victoria was 15.8 per cent above decade-average levels in the June quarter. Strong population growth, low unemployment, increased job security and infrastructure building are key supports for retail spending. Victoria has also retained top spot with construction work completed at 25.6 per cent above its decade average. When looking across growth rates for the states and territories, Victoria exceeded the national-average on seven of the eight indicators.

 (Source: CommSec State of the States Report). 

Leads at Satterley estates have once again picked up as we return to more normal market conditions. Sales volumes have also improved, although there are still sales which were made before the market downturn which are not proceeding to settlement. This overhang of sales at prices which are now above market is expected to take until late 2020 or early 2021 to work through the system.

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All leads by month (Victoria)