The majority of recent migrants are finding work in Australia, according to figures released today by the Australian Bureau of Statistics (ABS). Over two-thirds (68%) of recent migrants (those who have arrived in the last ten years) were employed in November 2007, compared to 66% for people born in Australia. Over half (54%) of the migrants who had a job at some time since arriving in Australia already had a job arranged before arrival, or had one within 3 months of arrival.

However, just over one-third (36%) reported some difficulties finding their first job - the most common being ‘lack of Australian work experience or references’, ‘language’, and ‘lack of local contacts and networks’. Migrants from main English-speaking countries were more likely to have a job than those born in other countries (88% compared to 76%).

Of the migrants with permanent residency, most (90%) were between 15 and 44 years old when they arrived in Australia; their main visa types were skilled visa (49%), family visa (37%) and humanitarian visa (12%). For temporary residents, the main visa type was student (57%), followed by business (20%).

Since 1998, a total of 1.1 million people aged 15 years or older have arrived in Australia - or around 7% of Australia’s population aged 15 years and over. Over half (57% or 647,000) of these people have obtained permanent resident status and a quarter (25% or 285,100) were temporary residents who planned to stay in Australia for 12 months or more.

Just under one-third (30%) of recent migrants and temporary residents had obtained Australian citizenship.

Perth’s median house price reached an all time record in December, passing $474,000 at the end of last year according to last minute sales data trickling into the Real Estate Institute of Western Australia. However, official REIWA data for the March quarter shows the Perth median house price has since retracted by around $14,000 to $460,000.

REIWA President Rob Druitt said this correction was just part of the market consolidation phase after the boom of the last few years and that the current market provided real opportunity for buyers.

“There are now almost 18,000 properties on the market and whilst prices have come down the outlook for interest rates and inflation remains uncertain. That said, there are many potential buyers who are waiting and watching for the right time to buy, and now thinking about making their move,” Mr Druitt said.

Mr Druitt said the strong population growth in Western Australia was creating significant pent up demand for housing, with many potential buyers in the market keen to secure a home of their own.

The dip in prices and recent stamp duty cuts announced by the State Treasurer would be a strong impetus for would-be buyers to emerge through the winter.

Rents

“REIWA data are also showing that rents maintained their double digit annual growth during March, to a new median price of $310 per week for units and $335 per week for houses. The upward pressure on rents is also causing many would-be buyers to have another look at purchasing,” Mr Druitt said.

Perth’s tight vacancy rate for rental property continues, but is not as dire as this time last year when it plummeted to 0.8 per cent. The current vacancy rate is 1.4 per cent, although Mr Druitt was confident this would ease over coming months.

“Many investors trying to sell right now will find it difficult with so much competition in the market. So, it seems likely that many owners will decide against selling and instead turn their property over to the rental market for another year or two. This should prove a great boost to the rental system, offering more choice for tenants and helping moderate rent increases,” Mr Druitt said.

Regions

While metropolitan Perth experienced a decline in the March quarter, many regional areas saw good growth and a return of buyer confidence.

“After three quarters of negative growth, the Mandurah-Murray region bounced back with a 6.9 per cent lift, perhaps a reflection of the positive benefits of the new city-link train line.

“Whilst prices have remained stable in Greater Bunbury , Geraldton-Greenough and Kalgoorlie-Boulder’s median house price experienced solid growth of 6 and 11 per cent respectively,” Mr Druitt said.

Summary

Mr Druitt said with the way the June quarter is unfolding he expected further local price corrections as the build up of properties for sale washes through, and that there was likely to be only small gains in overall price through to the end of the year.

“It’s hard to escape the fact that significant pent up demand from buyers is just waiting to be unleashed. A strong economy generating strong population growth means there is increasing numbers of people all needing a place to live. Particularly now that the market is correcting, prices are coming down and affordability is improving despite some uncertainty on interest rates. Coupled with the recently announced stamp duty cuts taking effect in July, we will likely see new buyer activity pick up through late winter and into spring,” Mr Druitt said.

If you’ve ever wondered about petrol prices in other countries, here is a brief international comparison.

We’ll look at petrol prices in the most popular countries for British emigrants - Australia, New Zealand, France, Spain, Canada, the USA and Italy.

Petrol prices in all comparison countries were lower than British prices. The average price in the UK today is around 112 - 114 pence per litre.

Looking abroad, petrol was cheapest in some US cities (50 pence per litre) and most expensive in Italy (116 pence per litre).

Here are typical prices (all shown in pence per litre at current exchange rates).

Standard Unleaded Petrol Prices

Sites To Visit:

European Petrol Prices

Petrol Prices In Australia

Petrol Prices In New Zealand

Petrol Prices In Canada and The USA

The average weekly earnings of employees stood at $788.71 in March, up 0.3 percent from February. Compared with a year earlier, average weekly earnings were up 3.2 percent.

In Canada’s largest industrial sectors, earnings rose 4.3 percent in health and social assistance, 2.7 percent in retail trade, 2.6 percent in educational services, and 2.3 percent in manufacturing compared with a year earlier.

Alberta and Saskatchewan posted the strongest year-over-year earnings growth among the provinces.

The average hourly earnings for hourly paid employees increased 0.8 percent to $19.83 in March, while the average weekly hours for hourly paid employees decreased 1.0 percent to 30.8 hours.

Canadian Average Weekly Earnings By Province
March 2008

Canadian Average Weekly Earnings By Industry
March 2008

exchange rate used $1.00 CAN = £0.502

American existing house sales slowed in April, partly because restrictive lending practices hampered home buyers. At the same time, a greater number of areas are showing sales gains from a year ago and a recent reversal in mortgage policy means the market is better positioned for a turnaround, according to the National Association of Realtors.

Existing house sales – including single-family, townhomes, condominiums and co-ops – declined 1.0 percent to a seasonally adjusted annual rate of 4.89 million units in April, 17.5 percent below the 5.93 million-unit level in April 2007.

Lawrence Yun, NAR chief economist, said eliminating restrictive policies should be a big help to home buyers. “I would encourage buyers who were disappointed by poor mortgage options to take another look at the market because the lending changes are significant,” he said. “Also, a recent notable drop in interest rates on conforming jumbo loans will help consumers in high-cost markets like California and New York.”

The American median existing house price for all housing types was $202,300 (£102,400) in April, which is 8.0 percent below a year ago when the median was $219,900 (£111,300). Total housing inventory at the end of April rose 10.5 percent to 4.55 million existing houses available for sale, which represents an 11.2 month supply at the current sales pace, up from a 10.0 month supply in March.

Single-family house sales slipped 0.5 percent to a seasonally adjusted annual rate of 4.34 million in April from 4.36 million in March, and are 16.1 percent below the 5.17 million-unit level recorded one year ago. The median existing single-family house price was $200,700 (£101,600) in April, down 8.5 percent from April 2007.

Existing condominium and co-op sales fell 5.2 percent to a seasonally adjusted annual rate of 550,000 units in April from 580,000 in March, and are 27.9 percent below the 763,000-unit pace in April 2007. The median existing condo price was $214,900 (£108,700) in April, which is 3.7 percent below a year ago.

West
Regionally, existing house sales in the West rose 6.4 percent in April to a level of 1.00 million but are 15.3 percent below a year ago. The median price in the West was $285,700 (£144,700), which is 16.7 percent lower than April 2007.

South
In the South, existing house sales were unchanged from March at an annual rate of 1.92 million in April, but are 18.6 percent below April 2007. The median price in the South was $170,800 (£86,400), down 5.1 percent from a year ago.

Northeast
Existing house sales in the Northeast fell 4.4 percent to an annual pace of 870,000 in April, and are 14.7 percent below a year ago. The median price in the Northeast was $262,000 (£132,600), which is 7.7 percent below April 2007.

Midwest
In the Midwest, existing house sales were at an annual rate of 1.10 million in April, which is 6.0 below March and 19.7 percent lower than April 2007. The median price in the Midwest was $159,100 (£80,500), down 2.9 percent from April 2007.
exchange rate used $1.00 = £0.506

Australia’s economy cannot continue to grow without a lot more skilled migrant workers, Immigration Minister Chris Evans said. In a report from The Age, Senator Evans has warned of an ageing Australian population and a range of industries that may not find enough skilled workers to enable their businesses to grow.

“So there is a huge demand. We will meet it by upskilling our own people, but we have got to make sure we have got strong skilled migration as well if we are going to grow,” the senator said. “We will be investing an awful lot in the education revolution and skilling our own people. But the reality is we have an ageing population. Unless we have migration we are not going to be able to grow our workforce.”

Under a proposed revised immigration program, Australia will substantially increase its intake of migrants, particularly those with necessary skills. That includes 190,300 in the permanent migration stream, 56,500 in the family stream and about 50,000 in the temporary skilled migration program, giving a total of more than 300,000. This would be the biggest yearly increase since the launch of the immigration program in the 1940s.

Senator Evans said for the first time last year the Australian workforce grew more from imported labour than from Australians taking new jobs. “We have got to have skilled migration to grow the economy. At the moment there is a real constraint on our capacity to grow because we just don’t have enough workers,” he said.

Senator Evans said there were significant skilled vacancies in the growth states, and there was a challenge to better connect those coming into Australia with areas where there were jobs. “We don’t want them all flocking into Sydney,” he said. “We actually want them going to Queensland, Western Australian and South Australia where there is huge demand for skills that they can’t find elsewhere.”

Queensland’s population continues to grow by some 1,200 residents per week thanks to overseas and inter-state migration. And while it’s well known that population growth is a major contributor to a healthy economy and solid property market, according to the Real Estate Institute of Queensland (REIQ) so too is the number of people moving intrastate from one part of Queensland to the other.

A Queensland State Government report released earlier this week, based on the Australian Bureau of Statistics 2006 Census, found that Queensland’s overall population has continued to swell at historic rates of more than 60,000 a year due to interstate and overseas migration.

And analysis of the 2006 Census by the REIQ has also found that 1.3 million moved within Queensland between 2001 and 2006 - making up 74 per cent of all Queensland’s migration.

“While interstate and overseas migration adds to the overall population, it is the migration within Queensland which has the greater impact on the overall distribution of the population,” REIQ managing director Dan Molloy said. “This in turn impacts on each region’s local amenities, housing, infrastructure, and labour force. As each of these economic factors improves to meet the needs of a growing population, it can also serve to attract more people to the area.”

Given their larger population bases, it is little surprise the analysis found Brisbane and the Gold and Sunshine coasts taking out the top three places for intrastate migration.

Brisbane
Over the five years to 2006, about 760,000 people - or 44 per cent of total Queensland migration - moved to or around the Greater Brisbane area. The most popular place proved to be the outer north-west suburbs such as Forest Lake, Upper Kedron, Moggill, and Doolandella where about 100,000 people moved to or around from within Queensland over the period. Southeast outer suburbs and north-west inner suburbs were the next most popular for intrastate migration.

Gold Coast
On the Gold Coast, it was the western suburbs that were the most popular with more than 80,000 people migrating to or around the area from within Queensland.

“People often assume that the coastal strip or eastern suburbs would attract the most new residents. However, it is no doubt the relative affordability and greater variety of properties and amenities available in the western suburbs and hinterland which draws the attention of people moving to the Gold Coast,” Mr Molloy said.

Sunshine Coast
The Sunshine Coast’s coastal strip retains its third popular place with about 75,000 people moving to or around the area from intrastate in the five years to 2006.

Wide Bay-Burnett
Fourth on the list for highest intrastate migration was the Wide Bay-Burnett region, which became home to about 45,000 new residents migrating from other parts of Queensland.

“The Wide Bay-Burnett region continues to be a popular migration destination given its relative affordability and the lifestyle it offers,” Mr Molloy said.

Darling Downs
The Darling Downs rounds out the top five list with nearly 80,000 people moving to or around the region over the five years. About 60,000 of these new residents came from other parts of Queensland.

“People continue to see the Darling Downs as an ideal place to call home for both the local amenities and good employment options. With house prices still well below $300,000 in most of the region’s towns, it is unlikely that its popularity will wane any time soon.”

Saskatchewan and Newfoundland & Labrador have stepped into a new era of prosperity, according to a study released in the Canadian Economic Observer. The ongoing commodity boom, starting in 2002, offered a unique opportunity for these two provinces to tap into their natural resources as never before. Driven by export growth, notably that of crude oil, Newfoundland and Labrador’s economy led the nation in terms of growth in nominal gross domestic product (GDP) in 2007, at 13.4 percent. Saskatchewan followed with growth of 11.4 percent, ahead of Alberta’s 8.3 percent.

Newfoundland & Labrador’s growth in nominal GDP of 76 percent between 2002 and 2007 also topped Alberta’s gain of 73 percent. Saskatchewan posted the third highest gain over the period, its GDP advancing 49 percent.

In terms of GDP per capita, Newfoundland & Labrador has registered the largest turnaround in one decade in Canadian history. In 1997, it was $10,000 below the Canada average, and as recently as 2005 it remained below average. But in 2007, it jumped to $57,348, over $10,000 above the Canada average of $46,441.

Alberta ($74,825), Newfoundland & Labrador and Saskatchewan ($51,327) were the only three provinces where GDP per capita was above average in 2007.

Oil
Higher crude oil prices have been driving the boom in Newfoundland & Labrador and Saskatchewan. They are the top producers of crude petroleum in Canada after Alberta, accounting for almost one-third of Canada’s production.

Exports
Newfoundland & Labrador’s international exports soared 20 percent in 2007, the most rapid growth of any province. Between 2002 and 2007, exports doubled to reach $12 billion, as prices rose for Newfoundland & Labrador’s energy products and metals.

In 2007, Saskatchewan exported $21 billion to other countries, a 13 percent increase over 2006. This placed Saskatchewan behind only Newfoundland & Labrador for the title of fastest growing provincial exports. In addition to crude oil, agricultural products, potash, and uranium have made major gains since 2005.

Population
Perhaps most significantly, both Newfoundland & Labrador and Saskatchewan have reversed their long-term trend of a declining population. In the last two quarters of 2007, the number of people moving into Newfoundland & Labrador was the highest that it had been in 30 years. At the same time, out-migration slowed, resulting in the population increasing for the first time in 15 years.

Saskatchewan’s population grew 0.8 percent in 2007, its first increase in over a decade, which put the population once again to 1 million. Moreover, the population of the 15 and over age group in Saskatchewan in April 2008 was 2.0 percent larger than it was in April 2007. This was just slightly slower than the 2.2 percent year-over-year increase in Alberta.

Incomes
As incomes have risen and population growth has resumed, Newfoundland & Labrador and Saskatchewan consumers have gone on a buying binge, leading provincial growth in retail, housing and auto sales.

The relaxed pace of life or lifestyle had been identified as the most common reason for permanent migrants to choose New Zealand as their new home, Statistics New Zealand said today. The results suggest that the most common reasons to choose New Zealand are lifestyle (at 44 percent), the climate or clean, green environment (40 percent) and the desire to provide a better future for their children (39 percent).

Six months after gaining permanent residence, 93 percent of migrants indicated that they were satisfied or very satisfied with life in New Zealand. Nearly the same percentage (92 percent) reported that they plan to stay in New Zealand for three years or more while 5 percent were not sure at that point in time.

Most migrants (86 percent) had spent time in New Zealand prior to gaining permanent residence and over half (55 percent) had been employed in New Zealand before. At the time of the interview, 95 percent of skilled principal migrants were in the labour force. Two percent of skilled principal migrants in the labour force were seeking work. For those who reported difficulties in finding employment the most commonly reported obstacle was lack of New Zealand work experience. Most migrants however, reported that they did not experience difficulties in finding work.

Permanent migrants generally had a high level of English language ability (87 percent), either reporting English as the language they speak best or having good or very good English language skills.

The total number of jobs advertised in major Australian newspapers and on the internet increased by 3.1 percent in April to an average of 275,390 per week. This follows a 0.7 percent fall in March. The total number of Australian job ads in April is 20.8 percent higher than 12 months ago.

Looking at the different channels for advertising jobs, the number of job ads in major Australian newspapers rose by 16.5 percent in April to an average of 19,934 per week. This followed a 10.5 percent drop in March. However in trend terms, the number of newspaper job ads fell by 1.3 percent, to be 7.7 percent lower than a year ago.

The recovery in newspaper job ads in April was reflected in every state. Queensland’s rise was the largest monthly increase since April 2002.

The number of internet job ads increased by 2.2 percent in April to average 255,456 per week. In trend terms, internet job ads increased by 0.4 percent to be 20.0 percent higher than a year ago.

ANZ Deputy Chief Economist, Mr Tony Pearson, said: “The increase in job ads in April follows two months of declines. In broad terms the total number of job ads is now back to the levels of January this year, pointing to a plateauing of job ads in the early months of 2008 after consistent growth through 2007. This slowing in momentum is supported by trend data, which show a slowing in the trend rate of growth over the past five months. We would expect this to foreshadow a slowdown in the monthly trend rate of growth in employment “

Sydney still can’t compete with Melbourne when it comes to shopping, according to a new poll. Melbourne has beaten Sydney again in an Australian national survey to be crowned the premier shopping destination in Australia for the second year running.

The annual Shop Til You Drop magazine survey of 3,000 shopping enthusiasts found that 73% viewed Melbourne as the best shopping area in Australia, compared with 23% who thought Sydney was better. Brisbane was third, followed by Perth, the Gold Coast and Adelaide.

Shop Til You Drop deputy editor Danielle DeGail said Melbourne offered an experience that other cities couldn’t match.

And, it had many more fashion precincts such as Chapel Street, South Yarra, Flinders Lane - in the city - but also new up-and-coming areas such as High Street, Armadale, she said. “Melbourne is still seen as the fashion capital because there’s so many boutiques there and lots of different areas,” Ms DeGail said. “It has really got a bit of an international feel, in the little lanes you could almost be in Rome, but you’re in Melbourne.”

Employment among immigrants aged 25 to 54, that is, core working age, increased 2.1 percent in 2007, thanks in large part to gains among immigrants in Quebec. Despite this increase, the employment rate gap between immigrants and the Canadian born widened.

Employment among core working age immigrants rose by 52,000, or 2.1 percent, from 2006. This was stronger than the 1.3 percent growth among the Canadian born in the same age group.

Despite these gains in 2007, the employment rate gap between immigrants and the Canadian born widened, as the population of immigrants increased much faster than their employment. While the immigrant employment rate edged up 0.2 percentage points to 77.9 percent, the employment rate for the Canadian born rose by 0.7 percentage points to 83.8 percent.

A new report analysing the labour market for immigrants in 2007 showed that employment for immigrants aged 25 to 54 reached nearly 2.5 million. Full-time employment, which accounted for 90 percent of those jobs, increased 3.0 percent.

In 2007, over one-half of growth in employment among core working-age immigrants occurred in Quebec (+28,000).

While the unemployment rate for immigrant women remained higher and the employment rate remained lower than that of immigrant men, employment for immigrant women aged 25 to 54 increased markedly in 2007 (+47,000). This accounted for the vast majority of the estimated 52,000 gain for core working-age immigrants.

As the population of working-age Canadians increases, there is an expectation that employment should rise by similar levels. The realities, however, were different for the Canadian born and for immigrants. In 2007, the employment rate rose faster for the Canadian born, as their employment growth greatly outpaced their population growth, while immigrant employment increases did not match their population gains. The end result was that the employment rate gap between immigrants and the Canadian born widened from 5.4 percentage points in 2006 to 5.9 percentage points in 2007.

Immigrants aged 25 to 54 still had a much higher unemployment rate in 2007 than the Canadian born in this age group. They also had a much lower employment rate.

The unemployment rate among core working-age immigrants edged up from 6.5 percent to 6.6 percent, which was higher than the rate of 4.6 percent among the Canadian born.

Almost all of the employment growth for immigrants in 2007 occurred among established immigrants, namely those who had been in Canada for more than 10 years. Gains for very recent immigrants, those in the country for five years or less, were relatively small. Despite a dip in the unemployment rate of these very recent immigrants, the rate remained more than double that of the Canadian born.

Quebec
Although employment increased substantially for immigrants living in Quebec, unemployment among them was still high in the province.

Over half (+28,000) of the growth in employment for Canadian immigrants in 2007 took place in Quebec. Their unemployment rate also fell from 12.0 percent to 10.2 percent. In contrast, the unemployment rate for the Canadian born in Quebec was 5.6 percent.

In Quebec, gains among immigrants accounted for three-quarters of the province’s total annual employment growth. Quebec was the only province where the majority of employment growth came from their core working-age immigrant population in 2007.

More than three-quarters of employment growth for immigrants in Quebec in 2007 occurred among established immigrants, who saw their employment increase by an estimated 22,000, all in full-time work. As a result, the employment rate for established immigrants rose from 76.8 percent to 78.7 percent. Virtually all of this growth was for established immigrant men and women born in Asia.

Alberta
Immigrants in Alberta benefited from the strong labour market in the oil-rich province. Their employment growth in 2007 was the second highest among the provinces at 8.4 percent (+18,000), with almost all the gains in full-time jobs.

Ontario
In Ontario, however, the entire core working-age population experienced its slowest overall employment growth so far this decade. In 2007, Ontario immigrants experienced only modest gains in employment (+0.3%).

Strong gains in transportation and accommodation and food services industries
As was the case for the Canadian born, most employment growth for immigrants aged 25 to 54 was in the service sector, although the growth occurred in different industries.

Immigrants made notable gains in transportation (+19,000) and accommodation and food services (+15,000). For the Canadian born, the largest gains were in public administration, professional, scientific and technical services, as well as finance, insurance, real estate and leasing.

In the goods sector, Canadian-born workers saw construction employment expand and manufacturing employment shrink. Immigrants recorded a modest decline in construction and a small gain in manufacturing.

University-educated immigrants of core working age had the largest gains in immigrant employment, with an estimated gain of 62,000 (+7.0%), all in full-time work.

In contrast, the vast majority of employment growth for the Canadian born was among those with a post-secondary certificate or diploma.

Older migrants show gains in employment
Among the various age groups, older immigrants aged 55 and over posted very strong gains. Their employment increased 9.3 percent, overshadowing the pace of 6.5 percent for Canadian-born older workers. Among young immigrants aged 15 to 24, employment rose 2.0 percent, virtually the same rate as for Canadian-born youth.

Employment growth strong for immigrants born in Asia and the Middle East
Employment grew by an estimated 53,000 (+4.9%) for Asian-born immigrants aged 25 to 54, overwhelmingly in full-time positions. Among this Asian-born population, unemployment and employment rates of those born in the Philippines were particularly robust. Overall employment for Filipinos grew by 8.3 percent, virtually all in full time. Their overall employment rate increased to 88.9 percent, higher than the rates for both the Canadian born and immigrants of other source countries.

Overall, European-born immigrants are, second to Asians, the largest group of immigrants to Canada. Employment growth for core working-age European-born immigrants was relatively flat between 2006 and 2007 (+0.5%).

Metropolitan house prices have continued to rise in the March quarter but the future is looking brighter for first-time buyers as the growth shows signs of easing. The median house price for metropolitan Adelaide is now $362,500 according to official March quarter data, which is a quarterly rise of 2.11 percent and a 19.4 percent jump from 12 months ago.

REISA President Robin Turner said the slower rate of quarterly growth was good news for people trying to enter the market. “The affordability issue has been in the spotlight in recent months and while the median house price has risen again, it was at a much slower rate which indicates relief for aspiring homebuyers,” Mr Turner said. “These figures reflect the anecdotal evidence we’ve been hearing from agents out in the field who are saying sale volume and prices have started to ease as a result of the two interest rate rises earlier this year.”

Mr Turner said despite this expected slow-down, investors were still well placed in the Adelaide market due to its affordability. “The positive thing about Adelaide is that for existing homeowners and investors, history shows that there is rarely any backwards movement so their assets are still in good shape,” he said. “Affordable areas are still going well and will sustain the property market over the next few months.

Adelaide Top Performing Suburbs Median House Prices
March Quarter 2008

assumed exchange rate $1.00 = £0.48

March 2008 Quarter Housing Data from homepriceguide.com.au showed a significantly slower than expected start to the Australian 2008 property market in all state capitals:

Sydney
Sydney house values recorded no change for the March quarter despite 5 per cent growth over the
previous 12 months. Apartment values eased significantly, by 2 per cent, over the March quarter.

Canberra
Canberra house values recorded no change for the March quarter despite 10 per cent growth over
the previous 12 months. Thgere was a decline of 3 per cent in apartment prices - the most significant drop in a decade.

Melbourne
Melbourne experienced heavy slow down in price growth, despite an 18 per cent increase in values
in the previous 12 months. No change in values was recorded for either houses or units in the March quarter, suggesting the prospect of a sluggish year ahead.

Brisbane
Brisbane house values increased by 2 per cent in the march quarter, compared to 18 per cent growth over the previous 12 months. There was a decline of 2 per cent in apartment prices.

Adelaide
The heat is rapidly coming out of Adelaide’s property market, despite 20 per cent increase in values
for houses and units in the previous 12 months. House values grew by a subdued 3 per cent and unit values grew a modest 1 per cent for the March quarter.

Perth
Perth property market recorded flat growth for houses and units for the March quarter. A decline of 10 per cent or more is forecast for some Perth suburbs.

Median House Prices
March Quarter 2008

The Real Estate Institute of Victoria March quarter median prices confirm that the four successive interest rate increases over the last 8 months has had an impact on Melbourne house prices.

REIV CEO Enzo Raimondo said that the median price for a detached home in Melbourne in the March quarter is now $432,500, down 8.4 per cent from the December 2007 median of $472,250.

“Increasing interest rates, coupled with the changing economic conditions have affected confidence, transaction numbers and clearance rates all of which have combined to cool the market since the beginning of 2008. The first three months of 2008 has seen the residential property market return to a stable and sustainable level. It appears that the greatest impact has been in the more expensive suburbs of Melbourne during the quarter.”

This is highlighted by the fact that the most of the suburbs with the highest growth rates for the quarter are not in the inner city. For instance Berwick’s median increased by 13.6 per cent, Moonee Ponds by 8.3 per cent, Ringwood by 6.4 per cent and Pascoe Vale whose median increased by 6 per cent.

Regional Victorian centres have defied the trend in Melbourne over the quarter. Ballarat’s median increased by 2.1 per cent to $239,950, Bendigo’s increased by 5.3 per cent to $240,000, Geelong’s fell by 0.8 per cent to $325,000.

“It appears the RBA’s strategy has had the desired effect on residential property and any further increases should not be necessary in the short term,” Mr Raimondo concluded.

Quotable Value has released April’s figures for the New Zealand’s housing market. The average sale price of a house in New Zealand has decreased slightly to $388,465 (£152,339) from March’s $388,894 (£152,507). Property values have increased 4.9% over the calander year. New Zealand’s average house prices are not directly comparable with the UK’s because, unlike the UK, the average home in New Zealand is a detached bungalow.

QV spokesperson Blue Hancock said:

“Although the change in property values over the past 12 months is still positive at 4.9%, it’s interesting to look deeper into the figuresk. Most of this growth occurred in autumn last year, while values remained pretty flat through the second half of 2007. Over the first 3 months of 2008 we are beginning to see property values easing back over most areas of New Zealand. With property listings still high, buyer demand reducing and the typical slowdown through winter, we would expect this trend to continue and our monthly statistics will likely show declining values in the coming months.”

House Prices in New Zealand
Three Months Ending April 2008

* Assumed exchange rate is £1 = NZ$2.55

Canadian employment edged up slightly in April (+19,000), similar to the increase observed in March. This follows large gains at the start of the year. Statistics Canada reported that the unemployment rate nudged up to 6.1 percent in April. Self-employment and full-time work accounted for all of the employment gains in April.

Over the past 12 months, employment increased by an estimated 348,000 (+2.1%), with full time growing twice as fast as part time. The employment rate, the share of the working-age population who are employed, continued to hover around a record high in April.

Accommodation & Food
With gains in Ontario, Alberta and British Columbia, accommodation and food services continued to add employment in April (+22,000). These recent increases offset losses observed towards the latter part of last year.

Construction
Construction employment continued on its upward trend in April (+16,000). This brings employment gains over the last 12 months to 113,000 (+10.1%), the largest of any industry.

Manufacturing
Manufacturing employment edged down in April, continuing the downward slide that began towards the end of 2002. Over the last 12 months alone, employment fell by 112,000, with nearly half the losses in Ontario (-50,000) and the remainder mainly in British Columbia (-29,000), Quebec (-13,000) and Alberta (-11,000).

Manitoba
In April, employment increased by an estimated 9,000 in Manitoba, boosting employment growth over the past 12 months to 3.1 percent. The added employment in April pushed the unemployment rate down 0.5 percentage points to 3.8 percent, the second lowest in the country after Alberta. Manitoba’s employment and participation rates both attained all-time highs in April.

Ontario
Employment in Ontario edged up 12,000 in April, mainly among younger workers, bringing growth since April 2007 to 2.2 percent, just above the national average. Increases over this period occurred in construction as well as several service industries. However, the downward trend in manufacturing employment continued, with a decline of 15,000 in April.

Newfoundland & Labrador
Newfoundland & Labrador experienced an employment gain in April (+2,400), continuing the upward trend which started last summer, bringing its employment rate to a record high of 52.6 percent. Over the last 12 months, employment has increased by 2.3 percent, with growth stemming from construction, professional, scientific and technical services as well as public administration.

Alberta and British Columbia
In Alberta and British Columbia, the continued strength of the labour market resulted in record high employment rates in April for both provinces. Employment growth in British Columbia and Alberta over the last 12 months has been above the national average, at 3.4 percent and 3.0 percent respectively. In April, there was little change in employment in both provinces.

Quebec
Employment in Quebec fell by an estimated 20,000 in April, mostly among youths, pushing the unemployment rate in the province up 0.3 percentage points to 7.6 percent. This is the first significant employment decline in two years. There were fewer people working this April in a number of service industries and in agriculture. The decrease leaves employment in the province up only 0.7 percent (+27,000) above the level of 12 months ago.

More adult women working
Women aged 25 and over were the only demographic group to experience employment growth in April (+17,000), once again keeping their unemployment rate below that of adult men (4.7% versus 5.2%). Despite this month’s increase, the rate of employment growth for adult women since April 2007 (+1.6%), was below that of adult men (+2.4%).

In seasonally adjusted terms, the number of people employed in New Zealand dropped by 29,000 (1.3 percent) in the March 2008 quarter, Statistics New Zealand reported. Employment has returned to levels seen early in 2007, and follows a record high in the December 2007 quarter.

Full-time employment decreased by 1.7 percent in the March 2008 quarter. This was driven by a decline in female full-time employment of 22,000 following an increase in the December quarter of 31,000. Male full-time employment decreased by 0.6 percent. Despite a small increase in female part-time employment over the quarter, total part-time employment decreased by 1.1 percent. This was due to a decline in male part-time employment of 4,000.

The number of people in the labour force decreased by 24,000 (1.1 percent) to 2,222,000 in the March 2008 quarter, while the working-age population grew by 10,100 (0.3 percent). This resulted in a decrease in the labour force participation rate of 0.9 percentage points to 67.7 percent. Both the male and female labour force participation rates declined in the March 2008 quarter to 74.6 percent and 61.1 percent, respectively.

In the March 2008 quarter the unemployment rate increased by 0.2 percentage points to 3.6 percent. The female unemployment rate increased by 0.4 percentage points to 3.9 percent, while the male unemployment rate remained flat at 3.4 percent.

The number of people unemployed increased by 4,000 (5.5 percent). The number of unemployed females increased by 3,000 to 40,000, while the number of unemployed males increased by 1,000 to 41,000 in the March 2008 quarter.

The unadjusted unemployment rates by ethnic group for the March 2008 quarter were: 8.6 percent for Māori, 8.2 percent for Pacific peoples, 6.0 percent for the ‘Other’ ethnic group and 3.0 percent for European.

America’s Hispanic population increased 1.4 million to reach 45.5 million on July 1, 2007, or 15.1 percent of the estimated total U.S. population of 301.6 million.

Estimates by race and age released today by the U.S. Census Bureau also show that the Hispanic population exceeded 500,000 in 16 states.

Hispanics remained the largest minority group, with blacks second at 40.7 million in 2007. The black population exceeded 500,000 in 20 states. Blacks were the largest minority group in 24 states, compared with 20 states in which Hispanics were the largest minority group

Blacks were followed by Asians, who totalled 15.2 million; American Indians and Alaska Natives, who totalled 4.5 million; and Native Hawaiians and Other Pacific Islanders, with 1 million. The population of whites totalled 199.1 million.

With a 3.3 percent increase between July 1, 2006, and July 1, 2007, Hispanics were the fastest-growing minority group. Asians were the second fastest-growing minority group, with a 2.9 percent population increase during the period. The white population grew by 0.3 percent during the one-year period.

Overall, America’s minority population reached 102.5 million in 2007 — 34 percent of the total. California had a minority population of 20.9 million — 20 percent of the nation’s total, Texas had a minority population of 12.5 million — 12 percent of the U.S. total.

Four states and the District of Columbia were “majority-minority” (i.e., more than 50 percent of their population is made up of people other than single-race non-Hispanic whites). Hawaii led the nation with a population that was 75 percent minority in 2007, followed by the District of Columbia (68 percent), New Mexico (58 percent), California (57 percent) and Texas (52 percent). Next in line, though not majority-minority, were Nevada, Maryland and Georgia, each with a minority population of 42 percent.

Details for the various groups:

Hispanics
California (13.2 million) had the largest Hispanic population of any state, followed by Texas (8.6 million) and Florida (3.8 million). Texas had the largest numerical increase between 2006 and 2007 (308,000), followed by California (268,000) and Florida (131,000). In New Mexico, Hispanics comprised the highest proportion of the total population (44 percent), with California and Texas (36 percent each) next in line.
The Hispanic population in 2007 had a median age of 27.6, compared with the population as a whole at 36.6. Almost 34 percent of the Hispanic population was younger than 18, compared with 25 percent of the total population.

Blacks
The black population increased by 1.3 percent, or 540,000, between 2006 and 2007. New York had the largest black population in 2007 (3.5 million), followed by Florida and Texas (3 million each). Georgia had the largest numerical increase between 2006 and 2007 (84,000), with Texas (62,000) and Florida (48,000) next. In the District of Columbia, the black population comprised the highest percentage (56 percent); Mississippi (38 percent) and Louisiana (32 percent) were next.
The black population in 2007 had a median age of 31.1, compared with the population as a whole at 36.6. About 31 percent of the black population was younger than 18, compared with 25 percent of the total population.

Asians
The Asian population rose by 2.9 percent, or 434,000, between 2006 and 2007. California (5 million) had the largest Asian population as well as the largest numerical increase during the 2006 to 2007 period (106,000). New York (1.4 million) and Texas (915,000) followed in population. Texas (44,000) and New York (33,000) followed in numerical increase. In Hawaii, Asians made up the highest proportion of the total population (55 percent), with California (14 percent), and New Jersey and Washington (8 percent each) next.
The single-race Asian population in 2007 had a median age of 35.4, compared with the population as a whole at 36.6.
Asians were the largest minority group in Hawaii and Vermont.

Whites
The non-Hispanic, single-race white population of 199.1 million represented 66 percent of the total population. California, New York and Texas had the largest population of this group (15.6 million, 11.6 million and 11.4 million, respectively), but Texas experienced the largest numerical increase (95,000), followed by North Carolina (92,000) and Georgia (57,000). Maine (96 percent) had the highest proportion of whites, followed by Vermont (95 percent) and West Virginia (94 percent).
The white population in 2007 was older than the population as a whole: The respective median ages were 40.8 and 36.6. About 21 percent of the population of this group was younger than 18, compared with 25 percent of the total population.

Potential homebuyers in New Zealand maybe choosing to remain long-term renters and so freeing up their savings for less volatile investments. Industry experts say even tenants who can afford a deposit and mortgage repayments are taking advantage of market conditions and enjoying a less stressful life.

Andrew King, from Auckland Property Investors Association, said in a report to the New Zealand Herald, that renting was “extremely good value” at the moment. He believed the number of long-term tenants had been rising for at least 18 months. King said maintenance, rates, and insurance cost landlords up to $10,000 a year, per property after tax - and that was $10,000 a tenant didn’t have to pay.

“Renting is a very cost-effective thing do to,” he said. “It’s not even just the cost of the maintenance, you also don’t have to do it, you can just ring the landlord.”

Tenants also had the freedom that comes with flexibility. They only have to give three weeks’ notice, while a landlord has to give 90 days notice, or 42 if they are selling. Tenants also have the protection of the New Zealand Tenancy Tribunal.

King said the doom and gloom surrounding the New Zealand housing market had seen more rental properties become available, especially in the last month. Finding properties weren’t selling for the price they wanted, homeowners have been renting them out while the market corrected. But King said the “slight oversupply” didn’t mean you were likely to get a rental property on the cheap, especially in Auckland. Some landlords, facing rising costs, were putting up rents by as much as 15 per cent, forcing some tenants to move.

Canadian home sales activity will remain strong in 2008 despite trending lower from record-level activity last year, according to a new residential forecast prepared by The Canadian Real Estate Association. Canadian home sales are forecast to ease 11.5 per cent to 460,900 units in 2008, and to ease a further 4 per cent the following year. Prices are forecast to set new records in every province this year and next, but price gains will be smaller than in recent years.

Canadian home sales are forecast to ease gradually in all provinces in 2008, but record-level activity in Saskatchewan and Newfoundland & Labrador during the first quarter will result in new annual records in these provinces. New listings are forecast to rise in all provinces. The gradual decline in sales activity combined with an increase in new listings will result in a more balanced resale housing market. The market is forecast to remain tightest in Saskatchewan and Manitoba, and as a result price increases there will be biggest.

The average price is forecast to rise 5.3 per cent in 2008 and a further 4.2 per cent next year, pushing prices to new heights. Price gains will become smaller as the resale housing market becomes more balanced.

Canadian Census data has showed an 11.1 percent increase in the median Canadian family income between 1980 and 2005. As a result of strong economic growth fostered by gains in employment, a further 2.1 percent increase was observed between 2005 and 2006, according to data from the Statistics Canada.

Families had an estimated median income after taxes of $58,300 in 2006, up 2.1 percent from 2005 in real terms. It was the third consecutive annual increase. In 2006, the increase was mainly the result of gains in both market income and government transfers.

The gain in after-tax income was shared by most family types, including senior families, those in which the main income earner was aged 65 and over, and younger, working-aged families. Senior families had a median after-tax income of $42,400, up 2.9 percent. Working-aged families had a median of $62,000, a 1.8 percent gain.

Both senior and working-aged family median after-tax income increased by roughly 18 percent in real terms since 1996.

Persons living alone or “unattached individuals” had a median after-tax income of $22,800 in 2006, up 4.6 percent from 2005.

Median incomes for Alberta families far ahead of other provinces

For the third consecutive year, families living in Alberta had the highest median after-tax income ($70,500), followed by those in Ontario ($62,400) and British Columbia ($60,300).

Alberta and Saskatchewan were the only two provinces for which the yearly change in after-tax family income was statistically significant. The median rose 7.0 percent in Alberta and 6.3 percent in Saskatchewan.

Median government transfers for families increased in three provinces: New Brunswick, Ontario and Alberta.

In Alberta, median government transfers doubled to $3,000 in 2006 from $1,500 in 2005. This large increase was generated by a one-time Energy Rebate program.

American real average weekly earnings fell by 0.2 percent from March 2008 to April 2008 to $602.56 after seasonal adjustment, according to data released by the U.S. Department of Labor. Over the past 12 months, weekly earnings rose by 3.4 percent.

In April, average hourly earnings edged up by 1 cent, or 0.1 percent, to $17.88, seasonally adjusted. This followed gains of 6 cents in February and in March.

Data on American average weekly earnings are collected from the payroll reports of private non-farm establishments. Earnings of both full-time and part-time workers holding production or non-supervisory jobs are included.

April 2008 earnings of production and non-supervisory workers
on private non-farm payrolls not seasonally adjusted

exchange rate used $1.00 = £0.509

The uncertain interest rate environment over recent months in Australia has done little to improve housing affordability, especially for first home buyers. And while many economists are now tipping rates to remain steady, buying a first home still remains a daunting prospect.

According to the Real Estate Institute of Queensland (REIQ), while there are no short-term solutions to the current under supply of affordable housing in Queensland though Government housing affordability initiatives are all steps in the right direction.

“Buying your first home has never been easy; however there is evidence that a number of first home buyers are buckling down and finding a way into the market by buying in more affordable areas, investing in a unit or townhouse or buying with friends or family,” REIQ managing director Dan Molloy said.

REIQ figures show that the highest number of house sales in Queensland last year was in a suburb with a more affordable price tag. During 2007, there were more than 900 house sales - the most in the State - in Forest Lake, which also happens to have a median price of $355,000, about $100,000 less than the Brisbane median.

Other top selling suburbs across the State were Kirwan in the former Thuringowa shire with a median house price of $355,000; Kallangur in the former Pine Rivers shire at $311,950; and Deception Bay in the former Caboolture shire at $292,500.

“REIQ figures also show that 28 per cent of all house sales last year were for under $300,000 so it seems many people are reading the current economic signals and being more cautious about how much they spend on their first home,” Mr Molloy said.

The three most affordable suburbs in 10 out of 13 major regional centres across Queensland all had median house prices under $300,000 for the year ending December 2007, according to the REIQ. Mr Molloy said buyer demand had eased since Christmas in most Queensland residential property markets.

“There are signs that the market is returning to historical levels of enquiry and sales following last year’s very strong demand and price growth,” Mr Molloy said. “This has translated to an increase in stock levels. Consequently as buyers are being more selective, days on market have increased.”

In February, the average weekly Canadian earnings of all payroll employees (full and part-time) increased to $786.80. Compared with a year earlier, average weekly earnings were up 3.1 percent.

Among Canada’s largest industrial sectors, earnings rose 5.8% in health and social assistance, 2.6 percent in manufacturing, 2.5 percent in educational services, and 0.9 percent in retail trade compared with a year earlier.

Alberta (4.9 percent) and Manitoba (4.5 percent) posted the strongest year-over-year earnings growth among the provinces.

The average hourly earnings ($19.59) and the average weekly hours for hourly paid employees (31.1 hours) were unchanged from January.

Canadian Average Weekly Earnings By Province
February 2008

Canadian Average Weekly Earnings By Industry
February 2008

exchange rate used $1.00 = £0.51