Weekly Property News Nov 13 – Nov 20

Dean O'Brien Director of OBrien Real Estate

“An opportunity not taken is an opportunity missed”

Hi Guys, it’s Dean OBrienĀ from OBrien Real Estate with another edition of the Property News for 2020 where real estate information is on the house.

The Reserve Bank Governor believes that Aussies have much to be thankful for, the performance of our economy, the suppression of the virus, the strength of public sector balance sheets. However, the Governor worries that we may become too risk-averse and therefore not capture the opportunities that are available to us. The big news this week for Victoria is the announcement of $5.3 billion public housing spend by the state government to build more than 12,000 public housing homes over the next four years which aims to create 43,000 jobs.

The Housing Industry Association reported this week that New Home remains at 31.6 per cent higher for the three months to October compared with the same time last year. The lowest home loan rate on the market is currently 1.77% as confirmed by ratecity.com.au. The big 4 banks all now have special rate offer under 2%. Aussie shares hit their highest level since March the 3 rd . China’s economic growth is expected to accelerate further in the fourth quarter of 2020, after revealing its jobless rate eased to 5.3 per cent, with retail sales expanding at an annual rate of 4.3 per cent and Home prices also up by 4.3 per cent over the year to October.

Across the state for the week, auctions, as reported by realestate.com.au, reported an 82% clearance rates up 2% on last week. Through the OBrien Network we launched 77 new listings to market with 122 properties going under offer and with 98 sales completed with the highest sales price being $3.205 million.
OBrien Real Estate sales November 2020
Our position on the market at the moment is there are many sellers to still come onto the market, presently we are seeing strong buyer demand and believe that we continue particularly with investors still to re-enter the market like they did between 2013 and 2017. Selling now is seeing great results in the market, so if your considering a move get in touch with you could well be surprised what you could achieve and how quickly.

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.

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