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Bi Monthly Market Update | A cautionary tale from the RAB; great news for property prices…

By Jody Fewster

A cautionary tale from the RAB; great news for property prices…

  • Globally, Europe and the US are suffering second waves of C-19, which is wreaking havoc on their economies.
  • All eyes are on the US Election while counting is underway as I type.
  • As expected the RBA cut the official cash rate to 0.1 percent plus they announced Quantitative Easing in the form of a $100 billion bond-buying program. This is designed to support the economy (in particular, jobs growth) and keep the exchange rate competitive for our exporters. Asset prices are expected to rise as a result of the stimulus.
  • Good news within the RBA announcement is the upgrading of the GDP forecast from 4% to 6% by June next year with unemployment expected to peak at 8%.
  • ANZ-Roy Morgan consumer confidence index rose for the ninth straight week which is great for consumer spending, although there was a 6% drop in the “current financial conditions” which suggest concerns about Job Keeper coming to an end early next year.
  • Trade tensions with China continue to escalate with 7 Australian commodities now at risk – coal, barley, copper ore and concentrate, sugar, timber, wine, and lobster.
  • The S&P ASX-200 is down today at 6048.  The Aussie dollar is trading at $US .71
  • The rental market continues with near-zero vacancies which has led the REIWA President to forecast rental increases of as much as 20% post 28 March.
  • October was officially Ray White’s best-ever month, resulting in over $5 billion in sales. It’s wonderful to be within such an exciting, progressive Brand.
  • Call me to find out how our size and strength will maximise your sales price.

Authored by Jody Fewster

Please call 0414 688 988 if I can provide you with a current market appraisal and detailed marketing plan for your home or investment property.
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