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Tech stocks drive the US market to new highs*

•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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