Investment opportunities around Australia
Homeowners considering their investment options may be interested in the latest State of the States report from CommSec, which outlines the economic performance of Australia's eight states and territories.
The report, released in April, provides valuable insight for those looking to make the most of their existing home equity and current home loan interest rates to purchase an investment property in their nearby locality or elsewhere in Australia.
According to the report, Western Australian came out on top as the "best-performing economy", with an increase in retail spending and a decrease in unemployment. However, other states also performed well.
Benefits of Western Australia
While the Northern Territory had the second-strongest economy due to economic growth, construction work, business investment and unemployment, it was narrowly beaten by Western Australia and actually came in last place for the housing finance category, according to the report's findings.
For those looking to invest, Western Australia may offer many opportunities. Its economic activity is the second-strongest of all the states. Current output is 30 per cent higher than the 10-year average level of output.
Thinking about the Northern Territory and the Australian Capital Territory
Both the Northern Territory and the ACT had "arguably the strongest job markets in the nation", noted the report.
The unemployment rate for the Northern Territory was noted as 3.8 per cent, a significant 12 per cent lower than the decade average level (4.3 per cent).
Strong job prospects are a good sign for property investors looking to fill their rental properties. In addition to the Northern Territory, the ACT has also shown strength with regards to employment figures, with a rate of 3.4 per cent - the lowest in Australia. This is a 0.3 per cent drop on the state's 10-year average rate level.
Considering the economic prospects and job opportunities in a state or city are important factors when choosing where to buy a second property as an investment.