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Overseas interest in Perth’s property surges – from new sources…

•By Jody Fewster
  • The IMF has upgraded its forecasts for world growth to 3.1% this year, although Australia’s is expected to be 1.4% in 2024 and 2.1% in 2025.
  • With annualised growth coming in at 3.1% for the US – the strongest of any major advanced economy – it doesn’t look like the Fed will cut their rates any time soon. Interestingly, 3.1% is still slower than the 3.8% average global growth over the past two decades (Axios).
  • The S&P 500 reset its record on Tuesday.
  • Unphased by sluggish retail sales, the Aussie dollar was up yesterday at $US .657.
  • Just out, CPI shows inflation has slowed to 4.1% in the year to December quarter from 5.4% in September. Whilst moving in the right direction it’s still well above the RBA’s target of 2-3% so I don’t think our rates will change at their next meeting next Tuesday.
  • The S&P/ASX 200 is up on the news and within reach of a record high as I type. All eyes on February’s reporting season with expectations of flat interim earnings growth.
  • Supply of rental properties have plummeted to half the 10 year average of properties that would normally be available. This is a bigger proportion than any other state (REA PropTrack).
  • The Government has quietly abandoned the Significant Investor Visa or “888” which had bought property investors from China.
  • Overseas interest in WA’s property market surged 20% in 2023 with most searches coming from Britain, NZ, USA, Singapore and Indonesia.
  • Call me today to create a totally personalised plan to get your home or investment property in front of these buyers.
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