Weekly Property News 14th Edition 2021

“Is it the roaring twenties 100 years on?”

Hi Guys, it’s Dean O’Brien from OBrien Real Estate with the 124th edition of the Property News for 2021 where real estate information is on the house.

The first world war ended on 11 November 1918 and as a result, the world experienced a decade of economic growth with people who wanted to celebrate life on the other side of disaster.  There was freedom and entrepreneurial energy and consequently, we had a boom in construction and rapid growth in purchases of consumer goods such as cars. Likewise, to the 1920’s we experienced the same in the ’40s and ’50s where people moved on with life in a fast way and there was widespread prosperity driven by deferred spending.

With the global pandemic of the 2020’s the question is are we in a similar position? The signs are ominous, people are wanting to create and are we likely to see a baby boom as we saw in the ’20s, ’40s and ’50s? And will people be escaping their countries as they did in Europe to seek a better life, a better life that Australia can provide? There is no doubt within Australia alone people want lifestyle more than ever after the pandemic. So let’s wait to see what the world’s reaction will be, I believe it’s not an aberration but a protectory.

The Numbers – Let’s take a quick look at the numbers for the week. Auctions results across Victoria remain very strong with a clearance rate again over 80% at 83% for last weekend with 585 selling under the hammer. Private sales reported across Victoria were a healthy 1666 sales. Looking at OBrien numbers for the week, listing volumes momentum continues to increase back to normal levels, we saw with 101 new listings hit the market, with 91 properties going under offer and 97 confirmed sales, and a top price of $3.06 Million.

Here are the news edits making the headlines this week:

• Apple and Facebook have revealed their earnings for the quarter. Apple reported $89 billion dollars in revenue and Facebook $26 billion, both well above market expectations.
• Underlying inflation is at record lows. CPI was released for the March quarter rising only 0.6 percent, being lower than the consensus of 0.9 percent. The inflation for the last 12 months officially coming in at 1.1 percent.
• Record Iron Ore prices continue to drive our healthy trade surplus which sits at near $8.5 billion.
• Consumer confidence measured by ANZ Roy Morgan continues to build with household’s keen on making a major household purchase at now a 13-month high.

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That’s all for this week, I’m Dean OBrien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation, or other advice in relation to your unique circumstances.