Sell with Confidence
Read More

Job Losses Affecting the Property Market

By Paul Wrigley

In terms of the overall market, unemployment figures for May were released late last week and showed a jump of 0.3%, taking the jobless rate to 5.7%. An AAP article quoted Kevin Rudd as saying Australia is “not out of the woods” despite the figures being slightly better than expected. The Federal Government is standing by its prediction in the May budget that unemployment will soar to 8.5% by mid-2011.

While recent news relating to the economy has been positive, indicators continue to point to a significant increase in job losses over the next two years. Experts are predicting that rising unemployment will result in a spike in the number of property repossessions. An article in Queensland’s Courier Mail last week reported a record number of repossessions in the state’s courts in April, while Adelaide’s Sunday Mail reported a 51% increase in the average monthly number of repossessions in the first five months of this year compared to the six months to December 2008.

With real estate offices around the country beginning to report a noticeable drop in the number of first home buyer enquiries, we are yet to see how a slackening in demand from this buyer segment will affect the rest of the market. As always, we encourage you to consider any interest around your property in light of current events. There is no certainty or even likelihood that conditions will improve markedly in the short to medium term.

Up to Date

Latest News


    Paul Wrigley from Ray White Toronto & Lake Macquarie drives for disadvantaged kids! Starting and finishing in Newcastle, every day you take as many dirt roads and travel to 2 schools and donate to each school to go towards school programs, transport, much-needed equipment and resources for the students. “It’s … Read more

    Read Full Post

  • VARIETY BASH 2021 – Day 3

    Day 3 was an epic day! We had some low points we admit – rerouting to an afternoon of blacktop for example – and some real highlights – the performances from the kids in Pallamallawa and Rowena are now the stuff of legend. Once again today we were reminded of just … Read more

    Read Full Post