Weekly Property News 25th Edition 2021
“And the next BOOM might be a Baby Boom”
Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 25th edition of the Property News for 2021 where real estate information is on the house.
Victorians had 1400 more babies in the past 12 months than in the previous year and that probably doesn’t surprise many of us! Perhaps, there is a direct link between stay-at-home orders and the flocks of storks hovering over Victoria. The other good news is the government set aside an extra $1.7 billion in childcare subsidies in their latest budget, their forecasters were right on the money there.
Although there is a Dry July going on in the AFL and in the Bottle Shop, it isn’t like that for the auction market. It was another bumper weekend of auctions with over 1000 scheduled auctions with over 900 results captured and a selling clearance rate at just under 76%. At the same time last year, we had a little over 250 auctions with a clearance rate of only 47%.
Now let’s take a look at the latest news edits associated with the property market. The ABS and Comm Sec released this graph below that highlights the residential building pipeline for Australia. You’ll see the worm has hit an all-time high in building approvals since data records were first captured back in early 1989. New Home Data sales lifted 14.8% in June and ended up 44.9% at the end of the financial year.
Business costs are surging across the county. Labour costs rose 1.9% alone just for the June quarter, the highest in over 10 years. Product price increases also lifted 1.5% for the quarter.
The graph below highlights the lack of job relocation property sales in the market at the moment. You’ll see that people are staying in jobs and we have all heard the press stating that employers are paying more to keep their staff.
And lastly, for this week, OBrien Real Estate is launching its $10,000 Home Improvements Competition on July 15.
We are giving someone that chance to win by simply requesting a free market appraisal of either their own home or their investment. And why not get an appraisal of your wealth at the beginning of the new financial year, think of it as a wealth check, it’s good information to know that can help you plan and make decisions for your future. To enter simply check out our website obre.com.au for more information or call our office.
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.