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Bi Monthly Market Update | Australia stands alone with World Bank upward revision!!!

By Jody Fewster

Australia stands alone with World Bank upward revision!!!

  • Mining and banking giants lifted the Australian market to within 50 points of its all-time high on Monday despite concerns with China’s growth rate slowing as it attempts at a zero COVID policy add to global supply chain disruptions.
  • On Monday, the World Bank lowered its annual global growth forecast for 2022 down to 3.2% from 4.1% due to the impact Russia’s invasion of Ukraine and China’s slow down are having on the world economy.
  • Australia faired the best as the only country to have its GDP forecast upgraded from 4.1% to 4.2%.
  • S&P ASX 200 is up again today at 7,573 – clawing its way to its record high of 7,632 last August.
  • The Aussie dollar is at $US .738. Oil is at $113 and Iron ore is at $US155. Gold is up at $1979 USD – the All Ords Gold and Metals and Mining indexes are both up close to 19% year-on-year.
  • The jobs market is pumping with national unemployment at 4%. There are now only 1.3 people to fill a vacancy compared to 3.2 unemployed people pre-COVID.
  • Whilst the rental vacancy rate has risen slightly for the 3rd straight month landlords will still be happy at 2.1% as typically a vacancy rate between 2.5%-3% represents a balanced market.
  • House price growth is slowing across all capital cities.
  • The number of properties for sale in Perth remains subdued, down from 4 weeks ago and 10% less than the same time last year.
  • Call me now to find out how we can generate strong competition for your home in this tightly held market.
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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