Tech stocks drive the US market to new highs*

1 year ago•By Jody Fewster

The rise of tech stocks in the US has again pushed markets to new highs with the NASDAQ +17% year to date and the S&P 500 +14%.
As expected, the RBA kept rates on hold at 4.35%. No one is expecting rate cuts in 2024, and the door was left open on another rise. We need to wait for the next CPI read.
The strength of the economy is shown through the unemployment rate of 4%.
The S&P/ ASX 200 was up yesterday; however, year to date, we are only +1%. The Aussie dollar is at US .66c.
The residential property market continues at pace, with limited supply being the key driver, especially here in WA (Perth listings are 40% below the 5-year average).
Our annualised price growth rate is +24.8% versus Melbourne’s of -1.2%. Market segmentation is imperative to understand what’s happening here. Clearly, the lower part of the market is on a tear.
The balanced approach to changes in tenancy laws has provided reforms for tenants but also safeguards for landlords — WA has maintained no-grounds evictions (unlike Victoria).
This is feeding the huge growth in investor lending here – WA has the highest growth rate in investor lending of any State in Australia over the past year, a massive 71.6%.
Call me today to find out how these market forces affect your particular market segment.
* This reminds me that the dot-com bubble of the late 90s popped on March 10, 2000.

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. Please click here to read some of my testimonials.

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