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Bi Monthly Market Update | Lots of mixed messages

By Jody Fewster

Lots of mixed messages…

  • Globally as expected GDP contracted throughout the world’s largest economies in the second quarter of this year – Japan’s economy shrank by 7.8% being the world’s third-largest after the US and China; The US dropped by 9.5%.
  • Our markets were up yesterday on some strong earnings results (especially Healthcare and IT) and hope for a larger than first expected US stimulus package. The S&P ASX 200 closed at 6123.4. The Aussie dollar is trading at US 72.3c.
  • Miners are continuing to enjoy record Iron Ore prices at $US 122/t. To put this into perspective the Federal Government assumes $US 55/t for budget purposes. And the next world-class iron ore producer doesn’t come on-line for 5-7 years at best (being Simandou in Guinea), which has forecasters bullish.
  • Gold is also up 30% in the last 6 months floating around $US 2,000/ounce. The Super Pit just keeps getting bigger.
  • Great news for the tourism and entertainment sectors with BankWest reporting “overall business turnover topping pre-COVID levels”. Let’s keep supporting local businesses!
  • China’s investigation into wine dumping is concerning but will be vigorously defended.
  • The Property Council has revealed Perth’s CBD commercial vacancy rate is at 18.4% for the six months to July 2020. This is double the national average, but the vacancy rate must be looked at in sectors, many buildings remain fully occupied.
  • The Perth residential rental vacancy rate has dropped to a 12 year low of 1.6%.
  • In home opens buyers are still complaining of limited stock.
  • Call me for a plan that will get buyers fighting over buying 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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