To infinity…and beyond!
Hi Guys, it’s Dean OBrien from OBrien Real Estate with another edition of the Property News for 2020 where real estate information is on the house.
There is no doubt Aussies are feeling more chipper with the warmer weather upon us and with the recent announcement from Pfizer on their positive Vaccine results we are likely to see fuel added to both consumer and business confidence. Now that Melbourne’s “ring of steel” is down people are free to roam and inspect regional real estate again, there are some 30,000 Victorian reportedly considering a relocation.
It’s been about a week since the historic rate cut and already we are seeing results of the stimulus. Auction results over the weekend hit a very solid 80% clearance with some notable results around Melbourne achieving 10% above both agent and vendor expectations. These are results we haven’t seen a lot of since the highs on late 2017. Additionally, to the reserve bank rate cut last week the bank has also wound back responsible lending laws along with announcing $100 billion worth of quantitative easing.
When liquidity is strong like it is, we see asset prices rise with most industry experts that were suggesting prices fall during early Covid-19 are now in fact predicting price growth. The recent rise in the stock market hitting an 8-month high is a perfect example of this growth, and we expect property to follow this course. In the news this week we saw:
- Housing construction activity hit a 2½-year high.
- ANZ job advertisements rose by 9.4 per cent in October to 129,544 available positions.
- The trade surplus rose by $3 billion in September. Australia has now posted 33 successive monthly trade surpluses.
- New vehicle sales totalled 81,220 units in October, down by just 1.5 per cent in October 2019 the smallest annual decrease in 30 months.
- The Jobseeker Covid-19 Supplement Payment has been extended post 31 December with total payments of $715 a fortnight applicable now until 31 March.
Across the OBrien Network for the first week of November, we launched 65 new listings to market, 82 properties going under offer, 76 sales completed with the highest sales price being $1.3 million.
Lastly with retail shopping back, Aussies unable to book overseas holidays maybe keen to ‘splash the cash’ on buying loved ones early XMAS gifts later this week with the Black Friday sales.
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.