At our Perth Apartment Market Explained seminar in February, our CEO Darren Cooper said the WA unemployment rate was a key indicator to watch for signs of the Perth property market stabilising.
Latest ABS stats for WA released yesterday show a significant drop in Unemployment to 5.5% in Seasonally-Adjusted terms. More importantly, these continual month-on-month improvements have finally impacted the significant “Trend Unemployment” number which has now dropped from 6.2% to 5.7% – a big improvement in just 3 months. Read more in the article by WA Business News.
Most commentators agree this is a significant sign that the WA economy is now successfully transitioning from Resources to other more stable sectors, such as Healthcare, Education, Tourism and Services.
We believe that, along with other important indicators such as Consumer Confidence and Population Growth, this is one of the more important indicators to watch, and confirms that the Perth property market has bottomed and is stabilising.
The next indicator to turn positive off the back of these stronger employment conditions should be Consumer Confidence, so keep watching that one!
Our next seminar is on 4th May, and we’ve been fortunate to secure Dr. Chris Caton, Chief Economist with BT Financial, to give us his view of the Global and Australian economies, and what the future is likely to hold for us here in WA.
Hurry, more than 200 people have already registered and places are filling fast! Click here to RSVP and secure your seat now!