Bi Monthly Market Update | Santa’s bringing “Jobs and Growth” and hopefully a little something for you too! - News

Santa’s bringing “Jobs and Growth” and hopefully a little something for you too!

Again, tightened travel restrictions and lockdowns across the globe have seen a downward revision to next year’s growth forecasts.
Although being sold off in recent days due to uncertainty on the economic impacts of Omicron, the S&P 500 is up more than 20% this year. Volatility is expected to continue in this asset class (property a smoother ride?).
In last Thursday’s mid-year budget update, the Government has forecast unemployment to fall to 4.5% by next June. This is the first time since the GFC that Australia has sustained unemployment below 5%, and only the second time since the 1970’s.
Most importantly, WA is now at 3.8% unemployment, the lowest in a decade. Wages growth is expected to be 2.5% in 2022.
As expected, the RBA left the cash rate on hold at 0.1% and our market is up again today at 7,357 as I type. The S&P ASX 200 is 11.6% year to date.
The Aussie dollar is at $US 0.712c.
Sydney and Melbourne have seen a doubling of homes available for sale and prices are falling as a result.
Opening our borders will result in 180,000 people moving to Australia by June 2023 and forecasters believe this will help give WA house prices another 10% lift in 2022.
I would like to thank you for your continued support and loyalty throughout the year. My team and I hope you have a very Merry Christmas.
Call me to see if we can put a sparkle on your home for Christmas.

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 | Santa’s bringing “Jobs and Growth” and hopefully a little something for you too!