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Bi Monthly Market Update | Slim pickings in the property market…

By Jody Fewster

‘Slim pickings in the property market after a nearly 50% fall in listings over 4 years’*

  • The Russian Oil price cap came into effect yesterday, with the G7, the EU and Australia all agreed the highest price they will pay for Russian Oil shipped by sea would be $US 60 a barrel. It’s designed to curb windfall profits and give Russia the incentive to maintain production.
  • Brent Crude now at $86 a barrel, down from $123 in June and a far cry from JP Morgan’s April forecast of $185 (if a full embargo on Russian Oil was implemented).
  • Gold is up and the US dollar down on Jerome Powell’s comments that US inflation could have peaked.
  • As expected, the RBA increased the cash rate .25 basis points to 3.1%. Inflation and labour market data will dictate what happens at the next RBA meeting in February.
  • The Fed is most likely to raise their rates by 0.5% on December 14 although strong employment data and strength in the service sector have markets spooked that a higher number may come in. The ECB will also announce their next move on December 14 or 15.
  • After hitting a 7-month high on Monday, the S&P ASX- 200 was down yesterday on the rates news to 7,291. The Aussie dollar strengthened from US 67.16c to US 67.3c.
  • GPD data for the September quarter came in below expectations at 0.6% for an annual growth rate of 5.9%.
  • Key rating agency Fitch has reaffirmed Australia’s AAA credit rating
  • The Australian is reporting, “Perth’s available rentals fell by 44.1% over the year to November” further reducing our vacancy rate (to below 0.5% in most suburbs) and adding upward pressure on rents.
  • How do all these factors affect the potential return from your home?
    Call me today and we can discuss it.
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.
* Kim MacDonald, The West
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