CommSec has released its quarterly report which compares the latest housing data with decade averages – or the ‘normal’ performance – for each state and territory.
In six of the states and territories, as compared to four previously, trend housing finance commitments came in above decade averages. Additionally, in all states or territories excepting the Northern Territory, trend home loans were above the levels from one year ago.
The ACT remains in top spot with the value of home loans up by 33.8% on the long-term average. Next strongest is Tasmania, up 33% on decade averages, followed by NSW up 32.3% and Victoria up 31.1%.
The Northern Territory remains the weakest for housing finance with trend commitments 36% lower than its decade average. Commitments in Western Australia were down 16.2% on the decade-average, followed by Queensland, up 14.6%, and South Australia, up 19.1%.
In terms of annual comparisons, NSW housing finance commitments were up the most at 17.2% from Victoria, up 12.3%.
The Northern Territory had the weakest annual comparison with trend home loan commitments, down 16.2% on a year ago. Next came the ACT, up 0.8%.
Home building figures were strong in Tasmania with population growth being well above ‘normal’ and the building industry struggling to keep up with the demand for homes. As such, Tasmania remained in the top spot for dwelling starts, ahead of Victoria and NSW.
In trend terms, starts in Tasmania were 10.3% above decade-averages – the only state or territory with starts above the decade average.
Victoria was second, with starts down 5.2% on decade averages from NSW, down 6.2%, and the ACT, down 6.4%.
Overall, considering all eight key indicators of economic growth CommSec analyses – retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements – Victoria remained the best performing economy.
Tasmania claimed the second spot, with NSW close behind. Separated by a wider margin, ACT came in fourth.
