The latest employment and population statistics will have a significant effect on our property markets.

Last week the Australian Bureau of Statistics reported that our unemployment rate fell to 5.8%.

Employment rose by 88,700 people in February, after increasing by 29,500 jobs in January.

Even better virtually all these jobs were full-time jobs and that’s good news for our economy and our property markets.

Of course, our property markets have been surging so far this year with double-digit growth insight for all our capital cities.

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And now that more Australians feel secure about our economy in general, and their jobs in particular, this will only place more impetus under our markets.

I recently heard someone suggest our housing markets are on a Mexican wave.

You know, like what happens at the cricket or football when they used to allow people to go to the MCG.

One person starts and another joins until the whole crowd has their hands in the air and the circular intensity builds and builds.

As I’ve mentioned in the past, this is showing itself as FOMO (fear of missing out) - when homebuyers and investors are scared the market is running away from them.

So they feel they must get into the market and this is showing with even secondary properties selling well above their vendor’s expectations.

Normally at the beginning of the property cycle, there is a flight to quality – people remember the type of properties that held their values well during the downturn and avoid secondary properties.

But currently, I’m seeing some home buyers so worried the market is going to pass them by that they are compromising their selection criteria just to get into this market.

Unfortunately, we’ve seen how do you send up when the market eventually slows down, and it’s not always a pretty sight.

Australia’s housing market is in the midst of a broad-based boom

Property prices continue rising around Australia.

We are one week shy of the end of the first quarter and so far this year the five capital cities have managed a remarkable overall gain of 4.7%.

Our auction markets, which are a good real-time indication of both buyer and seller sentiment have continued their record-breaking activity.

Once again, auction clearance rates were at boom-time highs, despite the Sydney storms

Watch this week’s video as Dr. Wilson gives his summary of the auction markets around Australia.

The Sydney auction market is now tracking at unprecedented levels with back-to-back record results for the unstoppable Sydney auction market.

The runaway Sydney auction market smashed the local rate record for the second consecutive weekend this Saturday, exceeding 90% for the third time in four weekends.

Sydney reported a remarkable here and straight of 92.4% on Saturday which was higher than the previous weekend’s record result of 90.6%

There was another strong result for the revived Melbourne auction market which recorded another boomtime auction clearance rate on the weekend, with next weekend’s likely the record-breaking Super Saturday of auctions set to provide buyers with an unprecedented choice of properties.

A sharp fall in February’s jobless rate will fuel higher house prices

 The unemployment rate has fallen sharply over February and is now remarkably within striking distance of pre-Covid shutdown levels.

And that’s less than a year from the commencement of the pandemic.

Watch this week’s video and hear Dr. Wilson’s thoughts on this.

The ABS reports the national employment rate (seasonally adjusted) fell sharply by over 0.5% in the month of February to 5.8% – delivering the lowest rate since the pre-Covid result of 5.2% recorded over March 2020.

At the same time the number of people employed nationally it’s now almost recovered to pre-Covid levels to be down by 1800 since March 2020.

All states report for us in the jobless rate over February with Queensland the best performer, falling by 0.8%.

Watch this week’s Property Insider video as Dr. Wilson explains why this has occurred.

Population Growth (or lack of it.)

The Australian Bureau of Statistics released their latest population statistics for the September 2020 quarter

Plunging overseas migration due to international travel restrictions has pushed Australia’s population lower for the first time since records began 40 years ago.

The nation’s population fell by 4200 people in the September quarter to 25,693,059, the first time there has been a decrease since the Australian Bureau of Statistics started collecting this quarterly data in 1981.

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