The state leading Australia economically for the first time
Tripled population growth has turbocharged economic demand, jobs and housing starts
2 min
South Australia is leading the country economically, with a population surge post-COVID boosting economic demand, lowering unemployment and creating a property market boom. Amid a national housing undersupply crisis, South Australia has the best rate of new home building activity and house prices have risen 10 percent in Adelaide and 9 percent in regional South Australia over the past 12 months.
CommSec’s quarterly State of the States report compares the states and territories on eight economic measures: economic growth, retail spending, equipment investment, unemployment, construction, population growth, housing finance and dwelling commencements. The report compares each measure against the long-term trends for each state and territory to determine the out performers.
According to the latest report, South Australia is the best-performing economy and comes out on top in four categories — economic growth, unemployment, construction work and dwelling starts.
The states and territories were ranked in the following order:
CommSec chief economist Craig James said this is the first time in the 15-year history of the report that South Australia has emerged as Australia’s leading state economy.
“Population growth in South Australia has tripled over the past two years, which is showing up in a strong housing market and overall economic activity,” Mr James said. He commented that Australia’s resilient jobs market and strong population growth are underpinning all state and territory economies, however high interest rates and the cost-of-living crisis have led to a slower pace of economic growth in all of them.
Economic activity in South Australia in the September quarter was 9 percent above its four-year average level of output. NSW was in second spot at 8.3 percent above its four-year average. Trend unemployment in South Australia was 3.8 percent in December, which was 36.5 percent below the state’s decade-average. Tasmania ranked second at 3.9 percent, 32.8 percent below its norm.
South Australia ranked first for construction work, based on the total real value of residential, commercial and engineering work completed in trend terms in the September quarter. South Australia completed just over $4 billion of construction during the period, which was 23.4 percent above its decade average, ahead of NSW with $19.7 billion of work, 18.3 percent above its average.
South Australia is also building new homes at a more rapid rate than any other state or territory. In the September quarter, South Australia booked 2,852 dwelling starts, which was just 2.3 percent below its decade average. Tasmania was second with 703 starts, 3.2 percent below its average. Dwelling starts in the two most populous states in Australia were woefully below their decade averages. In NSW, 10,536 starts were recorded, down 28.8 percent on the decade average. In Victoria, there were 12,666 starts, down 20.7 percent on normal trends.
The downside to South Australia’s economic growth has been a greater rate of inflation. Adelaide recorded the highest annual inflation rate in the September quarter at 5.9 percent, ahead of Perth at 5.8 percent. But this was only slightly above the national inflation rate of 5.4 percent. Last week, the Australian Bureau of Statistics released the December quarter national inflation figures, which revealed a substantial fall from 5.4 percent to 4.1 percent. This was among the reasons that the Reserve Bank kept interest rates on hold after its first meeting of the new year this week.
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A heritage-listed Federation estate with tennis court, pool and studio, Marika offers timeless elegance and modern family living in the heart of Hunters Hill.
2 min
A grand old dame who has stood the test of time, Marika is a slice of Hunters Hill heritage transformed for modern-day living.
Meticulously renovated between 1981 and 1983, with several updates since, Marika made it onto the heritage register in 1999 just in time to signal a new millennium. Today, the modernised mansion is on the market with an auction price guide of $7.5 million, marketed through BresicWhitney’s Nicholas McEvoy.
“The home is a fantastic opportunity for a discerning buyer to get a grand family estate-style property, with a pool, tennis court and grounds, for a price that’s much more affordable than expected,” McEvoy says.
Sitting pretty on the corner of Augustine St and Ryde Rd, the stately Federation residence occupies a sprawling 2472sq m block, which was once part of a 30-acre land grant handed to Frederick Augustus Hayne in 1835. In 1902, he sold it to Dr Leopold Augustus Carter, a local dentist. Two years later, Marika, then known as “Ryde”, appeared in the famed Sands Directory – the social media of its era – a symbol of its architectural significance.
Surrounded by manicured gardens with sculpted hedges, a pool and full tennis court, Marika is a prime example of Federation style with contemporary elements.
Inside, the single-level five-bedroom home showcases intricate craftsmanship, from its decorative gables, period archways and bay windows to the coloured glass panels on multiple doors and windows. Elegant formal rooms have high ornate ceilings that are a preserved nod to Marika’s past, while the more modern spaces are relaxed family-friendly zones.
Thanks to a pavilion-style addition, the L-shaped layout measures 450sq m internally and wraps around a central courtyard that plays host to the alfresco dining terrace and pool, while a wide veranda frames the original front rooms of the house.
Primary living spaces, including the dining area with integrated bar, open to the great outdoors via stacker doors and the 21st century kitchen has a large island bench and a butler’s pantry with hidden access to the triple lock up garage. There is also a dedicated media room, a library or home office, plus a separate family room with a beautiful bay window.
All bedrooms feature built-ins while the main retreat, and a second bedroom, have shower ensuites. The shared bathroom houses convenient twin vanities and a freestanding bathtub.
Beyond the interiors, Marika delivers resort amenities with a full-sized, floodlit tennis court, the pool, barbecue terrace and a self-contained studio apartment with the added bonus of Harbour Bridge glimpses.
Added extras include a converted loft storage space, a large laundry with side yard access, ducted air conditioning, multiple fireplaces, solar panels with a battery backup and modern insulation.
Accessed via Augustine St, Marika is close to St Joseph’s College, Boronia Park shops, local ovals and city transport.
Marika at 59 Augustine St, Hunters Hill is set to go under the hammer on April 26, on site at 9am with a price guide of $7.5 million. The listing is with Nicholas McEvoy and Narelle Scott of BresicWhitney Hunters Hill.
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