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Bi Monthly Market Update | The Sky is blue, the sun is shining and we have a footy Grand Final in Perth…

By Simone Raszyk

The sky is blue, the sun is shining and we have a footy Grand Final in Perth…

  • Our new AUKUS Defence Partnership (Australia, UK and USA) and nuclear submarine deal have raised tensions among European leaders, but it seems Austria is keen to help ensure the EU – Australian FTA goes ahead.
  • COVID lockdowns have caused the OECD to cut Australia’s 2021 growth forecast from 5.1% projected in May to 4% – the biggest decline among the world’s 20 largest economies. US growth was lowered from 6.9% to 6%. Given 30% of China’s GDP is in the real estate sector we should see a revision there as well, however they’re coming off a huge forecast growth of 8.5%.
  • China has reined in steel production on environmental grounds as the Government looks to improve air quality ahead of the Winter Olympics. It’s mind-blowing and rather cool to think a government directive can achieve this.
  • Iron Ore prices have been buffeted by this reduced steel production in combination with the downturn in the Chinese real estate sector. The price of Iron Ore is now down 61% from its highs in May. Now trading at $US 92/t. It’s interesting to note that most major Investment houses are seeing this as a short-term revision in iron ore price.
  • There is huge coverage of Evergrande’s liquidity crisis in China and all eyes are on the Middle Kingdom’s response. The flow-on impacts to our commodity exports and prices of Iron Ore, Copper and Nickel will need watching.
  • After huge losses on Monday, the S&P ASX-200 closed up yesterday to finish at 7,273. The Aussie dollar is at $US .727c
  • Rental vacancy rates and the number of homes available for sale remain stubbornly low.
  • With the glorious Spring weather, buyers are out in droves – call me for a personalised plan to get you moving.

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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