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Bi Monthly Market Update | 4.9% growth for WA in the September Quarter…

By Jody Fewster

4.9% growth for WA in the September Quarter…

  • WA Household spending rocketed up 11.7% in the September quarter, while national GDP grew 3.3%. Even with the record rebound, Australia’s economy is still 4.2% smaller than it was in the December quarter of 2019.
  • WA was a stand out as the only State not to record a technical recession with growth of 4.9% in the September quarter.
  • As predicted, the ASX-200 had its best month on record in November adding 9.96%, and is up again today at 6,615.
  • Copper, often viewed as a proxy for economic growth, hit a 7-year high yesterday at $US7707/t, whilst Gold slumped on growing optimism related to promising news on the vaccine front – now at $US1800.
  • At the RBA’s last meeting of the year, rates were kept on hold and great economic growth news was tempered with warnings of an uneven recovery due to high unemployment and associated subdued wage growth.
  • CoreLogic November Home Value Indices found that whilst rising, Perths values are similar to mid-2006 levels.
  • Commsec’s chief economist Craig James said “consumer confidence was at seven-year highs, the unemployment rate was better than expected at 7%, house approvals were at 20-year highs, and retail spending up 7.3% nationally compared to a year ago”.
  • 10 good reasons you’re better off with a mortgage broker.
  • Call me for your plan to get moving in 2021.

Authored by Jody Fewster

Please call 0414 688 988 if I can provide you with a current market appraisal and detailed marketing plan for your home or investment property.
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