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Weekly Property News 8th Edition 2021

“Rising Tides Lift All Boats”

Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 8th edition of the Property News for 2021 where real estate information is on the house.

I read with interest this week the Latrobe Financial article published on The article stated that Australian Real Estate accounted for 53.9% of household wealth and also that it is worth 3 times the Australian Stockmarket at $7.5 trillion. We all know Aussies have a big appetite for real estate and probably more than any other country, and these statements by Latrobe help put that into perspective. In the US, their love affair might be shares. That market is up 400% on pre-GFC levels whereas Aussie shares are not even back to parity.  

The media last week hinted the market might be overheating and rates might need to increase. The reality is the Australian property market has been long overdue for a bounce coming off a long Banking Royal Commission and Covid. And, when you consider our strong employment figures, consumer confidence, household savings reaching new highs, government stimulus and low interest rates is there any surprise and we know if Aussie’s feel wealthier in real estate they spend which helps the overall economy.

The Numbers

Let’s take a quick look at the numbers over the Labour Day week. Private sales across Victoria have been trending down to 1360 sales. Coming off the back of two Super Saturdays in a row auctions numbers were down as well to 303 recorded results with 252 selling giving us an 84% clearance rate.
Looking at the numbers within the OBrien Network we saw 103 new listings hit the market, 105 coming under contract, and 96 confirmed sales with a top price recorded at $1.92 Million.

Here are the news edits making the headlines this week:
-Population growth revisions have come in and our population is expected to grow from today’s figure of $25.5million to 42.68 million people by 2099.
-The trade surplus rose by $3 billion to a record $10.1 billion in January Australia has now posted 37 successive monthly trade surpluses.
-Retail spending lifted by 0.5 percent in January to be up 10.6 percent on the year.
-New vehicle sales totaled 83,977 units in February, up 5.1 percent from a year ago
-The Australian economy grew by 3.1 percent in the December quarter after rising 3.4 percent in the September quarter the strongest six-monthly cumulative GDP growth rate on record.
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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.