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Bi Monthly Market Update | It’s a Wild ride on currency markets…

By Katy O'Shea

It’s a Wild ride on currency markets…

  • As expected, the RBA followed other Central Banks in raising the cash rate which now sits at 1.35%.
  • Recession fears are affecting currency markets. The Euro has fallen to its lowest level in nearly two decades against the Greenback, which has soared 11% so far this year.
  • The S&P ASX 200 is down today at 6,594 and the Aussie dollar is now at 67.72 with some experts forecasting it could soon get to 65 cents.
  • Business News reports that border-related labour shortages, government stimulus, persistent supply chain issues and a lengthy construction pipeline have made Perth the most expensive place to build in the country. CBRE’s latest build cost report shows the cost of structural steel has increased almost 40% per tonne on average, while wages have risen only 2.5%.
  • Australia’s rental market continues to tighten as low supply levels cause national vacancy rates to dive and rents to rise across all capital cities and property types over the past three months.  With Perth recording a quarterly rental rise of 2.9%.
  • CoreLogic’s Perth home value index increased 0.4% during June, marking the seventh consecutive month of price growth.
  • The new financial year is always a good time to reassess your home or investment property. Call me for a confidential discussion about your property assets.
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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