Bi Monthly Market Update | Global events rock equity markets… our fundamentals remain sound! - News

Global events rock equity markets… our fundamentals remain sound!

Federal Reserve Chair Jerome Powell’s comments that US interest rates will stay higher for longer rocked equity markets with the US market down 5% last Friday and our market in turn falling 2%. Down again today, year to date the S&P ASX 200 is down nearly – 6% while the S&P 500 is down just over -15%.
The Aussie dollar is again below US 70c as the Greenback nears a 20-year high against major currencies such as the euro and yen.
Stronger than expected retail sales in July show consumers continue to spend in Australia.
The RBA is now expected to raise rates by 50 basis points when it meets in September. Forecasts remain at 3.25% by year end.
Iron Ore is below $100/t for the first time in 5 weeks with China controlling steel production in an effort to curb emissions.
WA recorded the largest fall in multi-dwelling building approvals of any state in July – down 36.9%. With our rental vacancy rate below 1% we need investors back buying new apartments.
With limited supply of homes continuing to frustrate buyers at all levels, there is a premium to be had in Spring. So, call me now to meet your buyer.

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 | Global events rock equity markets… our fundamentals remain sound!