Victoria has taken the title of Australia's best performing economy, overthrowing New South Wales which is now in second place, according to Commsec’s state of the state market report. For the first time in three quarterly surveys Victoria has solely taken the top spot on the overall economic performance rankings, thanks to the strength of the state’s economic growth, retail trade, the job market and construction work. While New South Wales, which had previously jointly shared the top spot with Victoria, remains consistently strong across all indicators. Each quarter CommSec analyses eight key indicators: economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements. When looking across growth rates for the states and territories, Victoria exceeded the national-average on seven of the eight indicators, with Victoria’s lowest ranking, in population growth, ranking in fourth. [caption id="" align="alignnone" width="953"] Victoria has kept top spot...

Auction clearance rates rose strongly last week following the federal election, led by far stronger performances from the Sydney and Melbourne markets.According to data from CoreLogic, median home prices in Sydney and Melbourne also increased last week.The federal election result, along with likely rate cuts from the RBA and an easing in lending standards from APRA, may have contributed to the recent improvement in conditions in Australia’s largest and most expensive housing markets.Further housing-related data in the period ahead will help to determine whether a turning point for the property market is currently underway. Auction clearance rates rose strongly last week following the federal election, led by far stronger performances from the Sydney and Melbourne markets. Prices in both major cities also increased, bucking the trend seen for well over a year. According to CoreLogic, Australia’s preliminary combined capitals clearance rate jumped to 62.6%, a sharp improvement on the 57.0% level...

Victoria and New South Wales again share the title of the nation's best-performing economy, with the two states each benefiting from solid population growth and strong job markets, driving retail spending and business investment. In the second consecutive quarterly survey Victoria and New South Wales share the top spot of best performing economy, amid the nation's slowing housing sector. The report shows Victoria’s economic activity was 26.9 per cent above its decade-average output, the best result in the nation, and 1.5 percentage points ahead of New South Wales in the December quarter. “It is very, very clear New South Wales and Victoria are the best performing economies,” CommSec's chief economist Craig James said. While the ACT's housing strength has ensured its joint ranking in third spot with Tasmania. Australia's capital had the second-largest annual population growth, at 1.93 per cent, behind Victoria at 2.2 per cent. The results are part of CommSec’s quarterly...