Rental Market News Nov 13 – Nov 20 2020

Jason Mudford General Manager OBrien Real Estate

“Not all opportunities are created equal”

Hi Guys, it is Jason Mudford from OBrien Real Estate with another edition of the Property News for 2020 where real estate information is on the house.

Are investors being presented with an opportunity that never is to be repeated? Or do today’s opportunities for wealth creation seem too good to be true? The Reserve Bank Governor believes that Aussies have much to be thankful for, the performance of our economy, the suppression of the virus, and the strength of the public sector balance sheet. However, the Governor worries that we may become too risk-averse and therefore not capture the opportunities that are available to us.

Our position on the rental market is strong, rental search volumes remain significantly higher than they were a year ago, up 21.7 per cent. Rental search volumes are also expected to remain elevated as we close out the 2020 year and move into the first quarter of 2021 when many rental leases expire. The big news this week for Victoria is the announcement of $5.3 billion public housing spend by the state government to build more than 12,000 public housing homes over the next four years which aims to create 43,000 jobs.

The Housing Industry Association reported this week that New Home remains at 31.6 per cent higher for the three months to October compared with the same time last year. The lowest home loan rate on the market is currently 1.77% as confirmed by The big 4 banks all now have special rate offer under 2%.
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And finally, China’s economic growth is expected to accelerate further into the fourth quarter of 2020, after revealing its jobless rate eased to 5.3 per cent, with retail sales expanding at an annual rate of 4.3 per cent and Home prices also up by 4.3 per cent over the year to October.

That’s all for this week, I’m Jason Mudford and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.

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