Victoria’s Economic Performance Continues to Soar
For years now, the economic performance of Victoria has been the envy of some of Australia’s states and other territories. Victoria (Vic) is a state found in the south-eastern part of Australia. It is considered to hold the second-largest population while being the smallest mainland state in the country. Victoria is also home to the second most livable city in the world, which is Melbourne.
This year, Victoria continues to soar. What are the factors that make Victoria the star performer of the country? Here are some of those according to reports.
LOW UNEMPLOYMENT RATE Compared to other states in the country, Victoria is known to have a recorded a lower unemployment rate during the previous years, but most especially over the past year. According to data released by the MBV, over 125,000 new jobs have been created across the state. This number is equivalent to 3.9% annual growth rate. Because of this, more migrants from different countries find the city more appealing to live in.
HIGH-QUALITY EDUCATION Apart from the lower unemployment rate, Victoria’s Melbourne is home to some of the country’s top colleges, and the world’s top universities. It is now recognized as a major international learning hub with students coming from different parts of the world in the hopes of acquiring high-quality English education.
HOME BUILDING RATE The high population growth rate in the state has also caused great things in terms of home building and construction industry. Last year, about 2.2% growth or about 139,430 more people chose to reside in the state—much higher compared to other states and territories. Higher population means more homes have been created to accommodate them. With these figures, low-interest rates have also been observed in the state.
The recovery from 2017’s market downturn has caused Melbourne’s house prices to drop to 10.7% while a 1.6% rental price growth. While the factors mentioned above have fueled the strength of building and construction activity there are still problems regarding credit and consumer confidence. Unfortunately, this could go on for a few more years.