Weekly Property News 12th Edition 2021
“Strong Jobs Growth, Elevated Savings And Rising Asset Prices”
Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 12th edition of the Property News for 2021 where real estate information is on the house.
Since the Melbourne Cup interest rate cut to 10 basis points, all asset classes have increased unaligned correlation. The media are suggesting real estate is rising more than other asset classes, shares have risen similarly and so too have commodity prices for Oil and Iron Ore, Machinery, and even a depreciating asset like cars are up over 30% from 12 months ago.
A recent market update from ANZ on home price predictions puts Melbourne House prices at a 16% increase this year and 6% next year, with ANZ stating they believe APRA may put the brakes on lending availability to prevent unsustainable growth in the medium term. Last week Core Logic data showed nationally house prices have recovered to record highs last month, but that is after dropping 11.1 per cent over 2017-19, and -5.6 per cent over 2020.
The Numbers – Let’s take a quick look at the numbers for the week. Auctions across Victoria remains strong at an 87% clearance rate for last weekend with 596 auctions from 689 auctions. Private sales reported across Victoria was a healthy 1452 sales. Looking at OBrien, over the Easter Schools Holidays we have seen expected lower listings and sales numbers across the group, with 66 new listings hitting the market, with 68 properties going under offer and 61 confirmed sales and a top price of $1.2 Million.
Here are the news edits making the headlines this week:
-Last week we reported on the competitive job market, The National Skilled commission reported vacancies for jobs is at a 12 year high with job ads up 96.4 per cent from 12 months ago.
-Seven companies are floating on the ASX this week, in fact, 2021 looks to be a very busy year for company floats on the stock market with bullish investment confidence.
Solid figures are due to be coming out of China later this week, with data on GDP, Trade and Retail Spending, Production and Investment which will assist to further worldwide economic recovery. And finally, US Share market keeps rising, hit another all-time high last Friday, with the latest inflation numbers building confidence in the market.
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That’s all for this week, I’m Dean OBrien 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.