The upturn in prospects for Western Australia’s economy is gathering momentum, according to the latest Deloitte Access Economics, WA Economic Outlook.
On a trend basis, state final demand increased by 1.1% in the final quarter of 2017 compared to the year before. At the same time, WA’s trend unemployment rate also dropped from 6.3% to 6.0% in the 12 months to February 2018.
Western Australia Deloitte Access Economics lead Matt Judkins says there are three important factors driving this growth.
Firstly the fact that China continues to demand our iron ore is a major driver of our economic recovery. Over 80% of WA’s iron ore is shipped to China annually and this growth will only continue for the next five years as the export of liquefied natural gas also ramps up.
It is anticipated that there will also be a recovery in business investment which Deloitte believe has passed its worst contractions.
And finally, the emerging growth is translating well into job creation in both full and part-time opportunities.
Plus indications are Perth’s property market is also past the worst. This is especially so after seeing the recent Urbis data which showed a significant jump in apartment sales in the first quarter of 2018 – not visualised since the first quarter of 2016.
It is great to see all the signs pointing to a positive recovery for Perth – but the real benefit is to be ahead of the property sector before there is price growth!
To talk to our team about the real opportunities in Perth call our office on 9315 1513. You would hate to miss out!