Weekly Property News 29th Edition 2021

“The Consensus to the Census”

Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 28th edition of the Property News for 2021 where real estate information is on the house.

We hope you are managing and keeping well during the lockdown. The good news is we are less than 3 weeks till Spring! The warmer weather, sunshine and spring air helps every situation. Normally, at this time of the year, you would start to see September auction dates appear on property listings but the lockdown has slowed the supply of listings dramatically. Typically, after a lockdown ends, we’ll see listings held back hit the market but we suspect a shortage of supply and choice for buyers.

The census was conducted this week and I suspect the findings from the census particularly from those in lockdown will show a skew, I think they’ll be a consensus from many that they were working from home rather than normally travelling into work for both Melburnians and Sydneysiders.

Interestingly, there were findings released from a household survey conducted by the Australian Bureau of Statistics (ABS) on how people have been spending their time during Covid. Besides gardening and painting, catching up on TV and becoming home chefs, many of us are also going ‘back to school’. Almost half of the adult population is either studying or intending to study a certificate, diploma or a bachelor’s degree to beef up their professional qualifications.

This week, domain.com.au reported Melbourne’s auction clearance rate is the highest July result since 2017. We were all set for the busiest July on record, however, a number of vendors have opted to postpone auctions until after the lockdown rather than take their property off the market. We had 539 auction results reported with 372 selling producing a clearance rate of 69%. OBrien online auctions have been performing particularly well with last weekend producing a 100% clearance across the network.

Here are the major edits for this week.
-Aussie shares this week have been closing on record highs. Most sectors are performing well led by tech stocks, energy and industrials.
-The Reserve Bank has trimmed economic growth forecasts for the calendar year 2021, however, the RBA lifted forecasts for 2022. The central bank remains optimistic that the economy will rebound quickly once restrictions ease.
-Council approvals to build new homes fell by 6.7 per cent in June but were still up 48.9 per cent a year ago and the value of new loan commitments for housing fell by 1.6 per cent to be up 82.7 per cent a year ago.

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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.