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Bi Monthly Market Update | Markets in distress – property “as safe as houses”!

•By Katy O'Shea

Markets in distress – property “as safe as houses”!

  • Geopolitically there is a whole lot going on. Global instability certainly makes me feel lucky to live and work in WA.
  • The OECD has downgraded its growth forecasts for Australia (down 0.5% to 2%) and the Globe (down to 2.2%).
  • A third bumper US Fed rate hike of 75 basis points last week was followed by a “higher for longer” commentary that sent financial markets in a spin, only to be fuelled further by the UK’s new PM instigating tax cuts funded by debt that sent markets into a correction.
  • The “flight to safety” has seen the US dollar surge against all currencies. The Pound is at its lowest against the greenback since 1985 and may shortly hit parity.
  • The majority of economists now expect the RBA to add another 50 basis points to our cash rate next week.
  • The S&P ASX-200 is down again now trading at 6440. After falling to a two-and-a-half year low on Monday, the Aussie dollar is again trading under US 65c.
  • ANZ Roy-Morgan’s latest survey shows consumer confidence is up to its highest level in 4 months. The boost in sentiment was driven by an uplift in confidence in Australia’s economic conditions. At a 4-month high, it’s still below the long-term average.
  • ABS data shows WA’s population growth is the second in the country with the number of people living in the state up 32,200 (1.2%) in the year to March.
  • Consistent with our population growth, strong economy, and limited stock, Perth property prices are holding for now.
  • Why wait? Call me today for a strategy and professional approach to maximise your sale price.
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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