Weekly Property News 9th Edition 2021
“The land of opportunity”
Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 9th edition of the Property News for 2021 where real estate information is on the house.
We have heard it mentioned around the dinner table, at our local sports clubs and from the lips of our politicians that Australia is a land of opportunity. Australia is a relatively young nation and there is plenty of growth still to come. Population growth in Australia has been forecast to continue to rise strongly by approximately 10 million people by 2050 to 35.9 million. Currently, as it stands Australia is the 5th least populated country by density in the world and it’s the 1st in the modern world by a long way with 3.25 people per square kilometre. For comparison, the UK is 275 people and China is 148 people per square kilometre. So, we have space to grow and lots of it.
In this past week, there has been lots of economic news announced. Here are the edits for the week.
– Equivalent to $2.5 Trillion Aussie Dollars was approved last week by the US congress as the government fiscal stimulus for the US recovery from Covid-19. That $1.9 Trillion US Dollars, that’s going to help a lot of much-needed families to recover from the effects of the Coronavirus.
-Our federal government last week announced it’s own $1.2 billion post job keeper package of 800,000 half price domestic flights to select tourism destinations across Australia. The discounts will commence on 1 April. Also announced was the extension of the Small to Medium Enterprise Loan Guarantee Scheme to 31 December.
-Australia’s top trading partner, China, continues its sharp economic recovery. Retail sales expanded at a 33.8 per cent annual rate in January-February up from 4.6 per cent growth in December.
-Job vacancies increased by 7.0 per cent in February. The 10th successive increase to stand at a 9-year high. Job ads are up 24.8 per cent over the year.
-Westpac announced it’s two-year fixed rate home loan for owner-occupiers is now 1.79 per cent. It’s three-year fixed rate is now 1.88 per cent.
The Numbers – Let’s take a quick look at the numbers over the week. Auctions resumed strongly across the state with 726 reported results with 633 selling achieving a very strong 88% clearance rate. Private sales across Victoria was up by 108 sales to 1468, overall we had both strong listing volumes and clearances.
Looking at the numbers within the OBrien Network over the last week we saw 99 new listings hit the market, 111 properties going under contract with 106 confirmed sales occurring with a top price recorded at $1.56 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.