Weekly Property News Oct 23 – Oct 30 2020

Dean O'Brien Director of OBrien Real Estate

A time for the dreamers

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.

The big news this week is The ANZ Roy Morgan Consumer Confidence survey has hit an 8 year high. People are definitely feeling more certain now and we’ll find people will once again begin to re-start their dreaming.

We all know our future is not a place at which we arrive, it’s actually something that we need to create. Let’s use the success of the Richmond Football Club as a case study on how success is created. In 2010 they wrote a blueprint to create unprecedented success forecasting to win 3 premierships by 2020. After that season they went backwards but they never faulted eventually transcending.

Our lessons learnt in life and our true purpose is often found through adverse times. In late 2018 the McCrindle research group released a Life Satisfaction Survey on people’s biggest regret’s in life. The report made the front page news of the Herald Sun at the time and the top 3 regrets were Family and Relationships, Not pursuing a Dream, and the third was Travel. 22% of the people surveyed said they hadn’t stepped out and taken a chance. So if you had been thinking prior to Covid-19 about a career change, a relocation change, or a lifestyle change, it’s time to rekindle those dreams and use the Covid-19 lessons to plan and transcend your life into the future.

Here’s the news this week across the markets:
REA insights

  • You’ll see from the above graph supplied this week by Australia’s number 1 listings platform realestate.com.au that weekly buyer demand has now hit its highest peak so far in 2020. So if you are considering a life change, this graph indicates that buyers are now ready to act more than ever in 2020.
  • The ABS released Consumer Price Index this week which is the main measure of inflation in Australia – rose by 1.6 per cent in the September quarter. The result is extremely encouraging news for our economy as it follows the 1.9 per cent decline from the June quarter.
  • Traditionally Melbourne Cup Day is a day where we see a rate cut just in time for the Christmas and if it happens we’ll see the current buyer confidence remain in the market.
  • Also next week we have the US Elections. Regardless of who wins investors are hoping for a clear outcome with no controversy.
  • The current US stimulus agreement is still being worked on and is likely to be announced post the election which no doubt will boost global confidence.
  • Also this week, banks are reporting profits with all eyes to be on loan defaults and deferments.
  • Sales across Victoria continued to be strong with exactly the same amount of sales occurring as last week with 1213 private sales however auctions flourished with 490 auctions results captured with a clearance rate of 63.47%.

Across the OBrien Real Estate Network

OBrien Real Estate property news October

We saw 95 new listings launch, 116 properties go under contract, 85 selling with the Highest price of $2.140 Million.

Lastly, I would like to congratulate all the finalists and winners in last weeks REIV awards and specifically congratulate our very own Michelle Stephens in winner Sales Agent of the year for the second year in a row and Anna Molinaro for winning Property Manager of the year.

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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