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It’s all about the US Bond Market…

By Jody Fewster
  • US bond yields are up on expectations of further interest rate tightening – the “higher-rates-longer” narrative has the 10-year Treasury yield up to 4.78% which is the highest level since 2007.
  • As expected, the RBA kept rates on hold at 4.1% in their first meeting under new Governor, Michelle Bullock.
  • The S&P ASX-200 hit a 6-month low yesterday to close at 6943.4 and has now given up all this year’s gains.
  • The Aussie dollar fell nearly 7% to hit an 11-month low against the Greenback on the interest rate differential.
  • Interestingly, for all the talk around Lithium, prices are actually “spiralling down towards the lowest level in 2 years on concerns over Chinese demand”.
  • The unemployment rate has held steady at a near 5-month low of 3.7% in August.
  • Cygnetwest research shows our population growth continues to go from strength to strength with Perth now boasting a population of 2.86 million with 78,000 new residents in the last quarter.
  • However, WA builders only managed to complete 15,000 homes last year down from the 10-year average of 22,000-24,000.
  • ABS data out yesterday saw investor loans in WA increase 14.1% over the month compared with 2.2% nationally. I hope this translates to more rental stock.
  • Notably, according to CoreLogic, Perth property prices are up 8.8% over the past year.
  • Property listings have hit a 30-month low plunging below the 5,000 mark (4,931) for the first time since the 1990’s (that’s 39.5% lower than a year ago). For context, when I started selling in 2009, there were 17,000 properties for sale.
  • Call me today for a customised plan to maximise your sale price and take advantage of these tight market conditions.
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