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NSW is once again the best performing economy

By Louise Morrin

If you're serious about buying property in Beverley Park, now could be a good time to enter the market. Not only has the official cash rate just been lowered to 1.75 per cent, but new research shows the New South Wales economy is stronger than anywhere else in the country.

The latest CommSec State of the States report shows NSW holding onto its crown for the second quarter of the year, despite some stiff competition from Victoria. Each region is ranked based on eight key performance indicators, ranging from population growth to housing finance, unemployment to retail spending.

Why NSW performed so well

A closer look at the data shows that New South Wales has maintained its top spot for population growth, retail trade, dwelling starts and unemployment. However, it moved one place lower to second for housing finance.

Chief economist at CommSec Craig James said: "NSW has a solid grip on the top ranking of economic performance. Unemployment has improved while population growth is above long-term averages, providing solid momentum to the state's economy."

He emphasised that the outlook mainly seems positive for all states and territories over the course of 2016. This has been helped by positive employment data, and of course the historically low cash rate.

At its 3 May meeting, the Reserve Bank of Australia (RBA) took the decision to cut the official cash rate by a further 25 percentage points in light of conditions in the national and global economy. Lower than expected inflationary pressures were one of the main reasons behind the move.

Many major lenders have revealed they'll be cutting rates on their mortgage products in line with the RBA's reduction, making borrowing more affordable if you're looking to buy property in Beverley Park.

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