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Bi Monthly Market Update | Perth property prices on the rise…

By Jody Fewster

Perth property prices on the rise…

  • The Dow Jones industrial average broke through the 30,000 mark for the first time on the back of Joe Biden’s announcement of Janet Yellen as Treasury Secretary nominee. Janet Yellen is the former Chair of the Federal Reserve and is the first woman to hold the position. Markets love a steady hand.
  • After hitting a 9-month high yesterday the S&P ASX-200 is up again today at 6,696 as I type. This could prove to be the best November on record with the All Ords already up 11.98% MoM.
  • Australia posted a record $10.9 billion in Iron Ore exports last month – equating to 36% of our nation’s exports for October.
  • Mining now makes up a record 43% of WA’s economy. The Iron Ore price is still trading above $US 123/t.
  • Gold has dropped to a 4-month low of $US 1826.47 amid optimism over COVID-19 vaccine developments and finally the triggering of the transition to President-elect Joe Biden.
  • After contracting 7% in the June quarter, following the 0.3% fall in the March quarter, our economy is forecast to grow by between 2-4% in the September quarter.
  • All eyes on the September National Accounts due out on 2 December.
  • The Aussie dollar is at $US .73.
  • The recent cut to the official cash rate (now at 0.1%) has seen most Australians’ savings earning a meagre 0.45% to 6%. No wonder everyone is chasing yield.
  • Bloomberg recently reported, “Australia’s A$7.1 trillion housing market is facing the ultimate stress test – the first recession in almost three decades – and passing with flying colours for now. Economists had predicted property prices would tumble 10% or more as COVID-19 swept Australia; now, they’re scrambling to reverse those forecasts to gains of 5-15% in the next couple of years. Policymakers have switched from worrying about plunging prices to being on guard for excessive exuberance read more
  • Closer to home, with home loan interest rates below 2% and a large influx of West Australians returning, we have buyers calling daily for our new homes being sold off market and those coming to the open market.
  • Call me for a plan to get you the very best price on your home.

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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