Renters increasingly fearful of unemployment: Westpac

Renters are growing increasingly concerned about their job prospects, analysis of the results of the March Westpac- Melbourne Institute Consumer survey has revealed.

Unemployment fears among tenants have been on the rise since about March last year.

Over the same period fears about the job market have subsided among those already in the property market – those who own their homes outright or have a mortgage.

As a result, the outlook about employment prospects between the two groups (renters versus property holders) is diverging.

Renters are most likely more sensitive to modest job growth due to feeling less financially secure then those who already accumulated wealth through property ownership. This graph shows how total employment has slowed recently:

The survey also revealed that all sectors of the economy are worried about their job prospects.

And that concerns about employment have spread beyond Sydney and Melbourne to include states benefiting from the mining boom.