Market/Finance News: New South Wales set to cash in on economic growth

By the resi financial blog team, 25 March 2014

Economic growth positive in NSW

Anyone interested in securing investment property in the near future could do well to investigate New South Wales. The latest report from Deloitte has highlighted the state's great position with regards to future growth, highlighting its expected success in the five major sectors expected to take off in the coming years. 

As global markets begin to shift, Deloitte has found a number of sectors that are expected to do well over the coming years. For example, the "Fantastic Five" include agribusiness, gas and resources, tourism, international education and wealth management. New South Wales is expected to be strong across all five. 

This could entice people to move into the state, as growing infrastructure and job opportunities provide a great incentive for the future. Furthermore, with the expected population influx heading towards the nation, there will be a wide range of people interested in securing accommodation for them and their families. 

New South Wales Managing Partner of Deloitte John Meacock said these global markets are expected to affect the Australian economy, playing into many of the state's strengths and allowing them to solidify and secure their position in the national economy. 

"These new growth opportunities also play to New South Wales' strengths. For example, Sydney is Australia's financial hub, with nearly a third of jobs in the Sydney central business district in the finance sector. This means the ability to sell into rising trade flows as well as new products to suit an ageing population could translate into substantial growth for the state's economy," said Mr Meacock in a March 24 statement. 

"With such opportunities on the horizon, NSW should start preparing now to maximise the benefits of coming booms both in our region and here at home." 

This could present a great investment opportunity for anyone interested in expanding their portfolio in the coming years.

Categories: Home Loans, Property Investment