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Bi Monthly Market Update | A rate cut and quantitative easing on the way…

By Jody Fewster

A rate cut and quantitative easing on the way…

  • US election uncertainty and Europe’s rising COVID-19 cases weighed on our markets yesterday with the S&P ASX-200 trading little changed, as I type, at 6,194. The Aussie dollar has edged down towards US 70c.
  • China continues to help the shattered global economy with its GDP climbing 4.9% in the third quarter, thus the world’s 2nd biggest economy regained all ground it lost in the first half.
  • Standard & Poors have retained the Federal Governments AAA credit rating meaning we are only one of nine countries to hold the rating from all three major agencies.
  • Household debt levels are the skeleton in the closet for WA.
  • Homebuilders are happy to get an extra 12 months to start work on new homes under the State Government’s $20,000 grant programme for contracts signed by 31 December. There is now pressure on the Federal Government to extend their $25,000 grant, which currently requires significant works to commence in 3 to 6 months.
  • In order to spur business activity and jobs growth, the RBA is now expected to cut the cash rate to 0.10% from 0.25% at their 3 November meeting, plus declare their intent about outright quantitative easing via large scale Bond purchases.
  • The rental market vacancy rate fell under 1% for only the third time in the last 40 years.
  • Days on market are dropping and home opens have been the busiest we have seen for a long time.
  • We have high demand for both sales and rental properties.
  • Having sold over $15 million worth of stock in the past four weeks, I have buyers waiting for me to find them their next perfect home.
  • Call me today for a customised plan to sell your home.

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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