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Bi Monthly Market Update | Another record Trade Surplus!

By Katy O'Shea

Another record Trade Surplus!

  • China is power rationing and production is halting in most regions which have caused economists to lower the GDP forecast for the world’s second-largest economy but still at a whopping 7.8%.
  • Oil has jumped to its highest price per barrel in 7 years on Monday – $80.
  • Globally, central banks are dealing with slowing growth and inflationary supply shocks.
  • As expected, the RBA kept the cash rate on hold at 0.1% for the 10th consecutive month and reaffirmed its belief that the economy should be at pre-Delta levels by the second half of next year.
  • APRA has raised the serviceability standards for home loans in the hope of cooling rising household debt levels and property markets. This will reduce the maximum borrowing capacity of the average borrower by about 5%.
  • Australia generated a record Trade Surplus of $15 billion in August with strong demand for commodities (LNG, coal and rural produce) offsetting the fall in the iron ore price.
  • There has been a broad sell-off in tech stocks as investors revalue them (present-day value of future profits) in light of higher rates.
  • The S&P ASX-200 closed down again today at 7,206.50 and the Aussie dollar at US .73c.
  • New residential listings were up 8% in September but the absorption rate is such that overall stock levels are NOT rising and buyers are still complaining of limited choice.
  • Call me to discuss designing an Exclusive Plan that will maximise the sale price of 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. Please click here to read some of my testimonials.
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