Weekly Property News 6th Edition 2021
“It’s an off and on affair just like real estate”
Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 6th edition of the Property News for 2021 where real estate information is on the house.
Aussie’s have a love affair for news just like it does for real estate. The effects of Facebook banning all news and government outlets did clean out some congestion in our news feeds but it also made them a little bland. This made businesses with a presence on Facebook look for ways to fill this void. However, Facebook has since reversed its media ban and will show news feeds after the Australian Government amended its media code. News and real estate go hand in hand, after all, market insights are important when planning to invest in real estate, and news outlets can drive or dive into market confidence which persuades people motivations.
Here are the news edits making the headlines this week:
- Almost in direct response to the Vaccine roll-out, Westpac economists have sharply revised upward forecasts, predicting house prices in Sydney could climb by 20 per cent over the next two years and by 18 per cent in Melbourne, with a climb of 8 per cent this year followed by 10 per cent next year.
- ASX 200 companies are reporting half-year interim profits and so far, 87% of the 85 companies that have reported so far reported have made profits, with the big trend being aggregate cash holding being up by almost 50%, meaning their wallets are much fuller much like buyers of real estate and cars at the moment.
- Iron Ore pricing is sitting at a 10 year high and this week we saw crude oil prices almost hit 13-month highs but the good news for motorists is the higher Aussie dollar is softening the petrol prices.
- And lastly, National Australia Bank announced a cutting of between 5 and 55 basis points off a number of their fixed mortgages, with NAB’s three-year fixed rate been shaved to 1.98 per cent. The volume of transactions across OBrien in the last week is down approximately 30 to 35%. The weekly listing numbers coming to market was still strong with 99 listings launching, however, it was the buyers that had more of a siesta with 71 coming under contract, 66 confirmed sales and a top price of 1.58 Million.
Auctions last Saturday made a comeback after our 5-day circuit breaker, auction numbers almost doubled with 754 results posted with 89% of them reaching a sale. Private Sales in the market hit 1419 which pushed us to 2173, a number we don’t see that often.
The volume of transactions across OBrien Real Estate in the last week is down approximately 30 to 35%. The weekly listing numbers coming to market was still strong with 99 listings launching, however, it was the buyers that had more of a siesta with 71 coming under contract, 66 confirmed sales and a top price of 1.58 Million.
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.