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Bi Monthly Market Update | Profits take off driving up the ASX…

By Katy O'Shea

Profits take off driving up the ASX…

  • Earnings season has kicked off with a bang and the S&P ASX-200 recorded new highs over the last two sessions, albeit down today on the latest CPI news, currently trading at 7379.5. The Aussie dollar is at $US 73.63c.
  • Economists are expecting the economy to contract in the September quarter due to the lockdowns on the East Coast. Most are thinking it will be temporary.
  • Consumer confidence and spending have fallen sharply. However, Shane Oliver, Chief Economist at AMP Capital, reports there are five reasons for optimism: lockdowns still work against Delta (eg. in SA and Victoria where lockdowns were able to be relatively short because they started early and hard); vaccines are working; once lockdowns end economic activity rebounds quickly; the threat posed by Delta will keep fiscal and monetary policy easier for longer; and vaccinations are ramping up in Australia.
  • On the property front, Perth rents rose 16.7% over the last 12 months to hit an average of $472/week. Vacancy rates remain below 1%.
  • Tim Lawless, Head of Research at CoreLogic, reports that WA is experiencing its highest level of migration since 2013.
  • Investor loans accounted for 18% of all loans up from 14% at the beginning of the year but still well below the 30% average.
  • We are so lucky to be in WA and calls are streaming in from interstate with buyers looking for homes. Call me to find out if your home is in demand.

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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