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Bi Monthly Market Update | WA leads with jobs and spending…

By Jody Fewster

WA leads with jobs and spending…

  • Markets have been unsettled over the last couple of weeks due to the upcoming US elections and fears of a second wave crossing Europe.
  • S&P ASX 200 closed yesterday at 5973.5 after hitting a 3 month low earlier in the day.
  • Labour force figures released last week shocked economists with a robust jobs recovery which has the unemployment rate falling to 6.8% from 7.5%.
  • Our State recorded the lowest percentage of payroll job losses. With the ABS announcing, “WA is a clear standout, nearly 9 out of 10 of the payrolls lost in mid-April have been recovered”.
  • The Aussie dollar is trading $US 0.72 after the RBA Deputy Governor suggested they would prefer a lower dollar to support our exports; some economists are now predicting another rate cut to 0.1%.
  • CBA reports that GDP is now forecast to rise by 2% in the September Quarter. The AFR also reported, “all the big four banks now expect the recession to soon be over”.
  • All eyes are on the October 6 Federal Budget which is expected to be big spending, high deficit, tax cuts for individuals, and major tax incentives to get Corporates investing. Although the Gross Public Debt is expected to hit 54% of GDP which is far below the average of advanced economies.
  • The latest ANZ-Roy Morgan consumer confidence survey hit a 13 week high, which may be why WA and QLD are leading Credit Card spending.
  • The number of houses for sale continues to fall which is supporting prices in WA compared with the other States. East Coast pundits are talking of recovery in the Perth market with some suggesting we could see a 10-18% lift in the next few years.
  • The spring buying season is blooming and I need homes to sell, on or off-market, to my extensive client base.
  • Call me for a customised plan to get you moving.

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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