Sale and Rental markets are in short supply!
• The IMF are forecasting GDP growth next year of 6-7% for Australia after a fall of 6% in 2020. Optimistically, I am focussed on the recovery.
• Between the US oil market troubles (storage capacity shortages/costs leading to holders of futures contract being forced to sell), Virgin being put into administration and the RBA announcing they expected output to drop by 10%, our market struggled yesterday losing 2.5% for the second day in a row with the S&P ASX-200 closing at 5,221.3.
• After a roller coaster start to the year, the ASX-200 is now down 21.8% year to date. The Aussie dollar is at US 62.84 c.
• COVID-19 restrictions could begin to be lessened towards the middle of the year leading to an economic bounce back in the September quarter.
• Good news with the ANZ Consumer Confidence Survey showing consumer confidence has climbed for the third straight week. It’s now 30% above the historic low of the last weekend of March.
• More good news for WA in that iron ore prices have remained resilient with China showing a continued pick up in steel production.
• REIWA figures show there are 5% less properties listed for sale than 4 weeks ago which is 28% lower than levels seen a year ago. The rental market is similarly tight. Limited supply is good support for prices.
• Buyers are complaining to me about a lack of choice.
• Call me to see where your home fits in today’s 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.
The Reserve Bank of Australia (RBA) has chosen to keep the cash rate on hold at 3.85 per cent in its July meeting, defying widespread market expectations of a rate cut. With global trade tensions easing slightly and domestic inflation showing signs of stabilisation, the central bank appears to be … Read more
The S&P/ASX 200 hit a fresh intraday record this morning at 8639.1 on encouraging news of a trade truce between the US and China. Trump now seems focused on the Art of Distraction over the Art of the Deal. The Aussie dollar is now at US .651c (up 8% since April) and … Read more