Latest NewsFigures Confirm Nsw is in Great ShapeSunday, 26 March 2017

Job figures released at the end of last week confirmed what recent gross domestic product, retail sales and consumer sentiment figures have been suggesting for some time. That is, the local economy is robust and performing strongly. The unemployment rate for NSW hit a two-year low of 5 per cent, performing better than the national figure of 5.1 per cent.

Demand for housing finance is also on the rise. In NSW, the number of loans for owner-occupiers in July rose by almost 4 per cent to its highest level since January. This is still down on a year ago when demand for housing loans reached a record high but, after months of decline, it's a positive sign.

Sydney auction clearance rates have also shown improvement. The clearance rate was 70 per cent for last weekend, the first time since early April that it has reached that level. It's also the first time for at least two years that the Sydney auction market outperformed the larger Melbourne auction market in terms of weekly clearance rates.

With all this good news on the economic front, there are still implications for home owners. Predictions are for interest rates to resume their climb, with some economists forecasting another rise before the end of the year. It seems that unless the next set of inflation figures, due next month, comes in well under expectations, November is the most likely time rates may rise again.

For now, demand for Sydney property appears to be holding up and with all indicators showing positive signs, expect a stable and active property market for the rest of the year.

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