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

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.

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