Weekly Property News Sept 25 – Oct 2 2020 by Dean O’Brien

Dean O'Brien Director of OBrien Real Estate

Hi Guys, it’s Dean O’Brien from OBrien Real Estate with another edition of the Property News for 2020 where real estate information is on the house.
And the good news this week:

  • Total household wealth rose by 1.5 per cent in the June quarter. In per capita terms, wealth rose to $433,833 per household.
  • In an attempt to kick start the economy the Federal government has announced it will wind back responsible lending laws, in an attempt to encourage lending and overhaul the current complex, costly and one-size-fits-all credit assessments.
  • After Sunday’s announcement private inspections are back, after 8 weeks of restrictions; buyers, sellers and renters can now physically inspect homes for sale and rent, And if your considering selling physical appraisals can also happen. The 5km rule doesn’t apply within Metro Melbourne. Photographers and marketing services supporting the industry can also inspect homes,
  • The weekly ANZ – Roy Morgan consumer confidence hits a 14-week high. Australia’s export sector has been a pillar of strength with record highs of iron ore exports.
  • Westpac’s bank execs are predicting an interest rate cut in November, such a move will make the interest rates exchange zero per cent if this happens no doubt this will encourage borrowing and investment.
  • A reduced Job keeper 2.0 starts next week, but a silver lining may come in next week’s Budget with the Federal government hinting it might bring forward the planned 2022 tax cuts, which means anyone earning $60,000 a year will pocket an extra $1,080 in their tax return.
  • As many as 30,000 Melbourians over the next 2 years has been forecast to flee to regional and interstate cities by leading real estate researcher Propertyology. As a consequence of the city’s extended COVID-19 lockdown, searches for interstate homes on realestate.com.au is up 54 per cent with Hobart, Launceston, Gold Coast at the top of the list as reported by realestate.com.au
  • Retail spending remains firm across the country down 1.5%, with Victoria weighing the data down with a 12.6 per cent downturn in its spending. Overall Retail spending is still up 6.9 per cent on the year.

Onto the sales for the week
Property News October 2 2020
realestate.com.au data reveals 784 private sales occurred across the state. Across the OBrien network this week, there is no doubt we are seeing strong increases in enquiry with the easing of restrictions. Last week we launched 35 news listings to the market, recorded 25 offers and sold 18 properties with our highest sale $1.135M. Over the coming weeks, we expect to see some of these numbers to double, triple and maybe quadrupled.

Remember, If you’re considering selling don’t forget the “Sell with OBrien” competition, simply list your home with OBrien to go into a draw to win a Volkswagen Polo, an entertainment package or a furniture package. And lastly, If you have been enjoying the longer daylight hours that is about to extend further from Sunday when daylight savings begins.

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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