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Property fuels the New South Wales economy

By Louise Morrin

We know that our property here in Carlton and in New South Wales is  great, but now we have the proof! CommSec's State of the States October report has shown that property in New South Wales is boosting the economy.

The report shows that for the first time since July 2011, New South Wales is number one in economic performance. Our fine state up 13.2 per cent in economic activity compared to decade-average levels. We're also blitzing the other states in economic growth rate as we've increased just over six per cent in the last year. 

Where does property come into it?

It may all seem like economic mumbo-jumbo but there is some logical cause and effect in place. We all know that NSW is a great state, so obviously people would want to live here, hence the report showing it as a top contender for population growth.

These new people need a place to live, which correlates to NSW topping the report in new home construction, with a increase of over seven per cent from last year. Buying property is not cheap, which is why they need help in the form of home loans, putting us up to third in the country in housing finance, according to the report.

All in all, this puts money into the economy, which took NSW to the top of the list. 

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