After the downturn in the mining sector Brisbane suffered significantly from increasing unemployment, but it seems that the tide is now turning. As the economy transitions away from the resources industry, Brisbane’s unemployment rate has stabilised, which is a promising sign for the property sector. A high unemployment rate will always have an adverse effect on both rental returns and property prices.
The year 2015-2016 employment in Brisbane was overall stable, with 30,800 growth in employment numbers according to recent figures released by the Department of employment. This level of stability indicates job growth is meeting population growth, which is an overall good sign for the Queensland economy.
Balancing against these good figures however is the recent report by Commsec showing that Queensland is ranked seventh of states and territories in Australia for economic growth, which is disappointing. These Commsec figures are however for the entire state of Queensland and would be heavily influenced by the large general downturn in many regional centres as the resources boom has ended.
Overall the future trend in unemployment in Brisbane should be down, as a series of major projects are bought online, all of which will drive strong economic activity and job growth in Brisbane. This includes new Casino’s, the cross river rail project, upgrade port terminals and more.
According to the Department of Employment, healthcare and social assistance is predicted to grow the most of all job sectors over the next five years, followed by professional services, education, and retail.