Weekly Property News 36th Edition 2021

“Strongest Market Nationally in 32 years”

Hi Guys, it’s Dean O’Brien from OBrien Real Estate with the 37th edition of the Property News for 2021 where real estate information is on the house.

As we do at the start of each month, we report on the data that Corelogic recently released for September. Nationally home prices have now had their strongest annual growth rate in 32 years. Despite the easing of restrictions during September the momentum waned for Metro Melbourne home prices, but prices still rose for “All Dwellings” by 0.9% which equates to just under $15,000 for the month. Within Regional Victoria we saw the market continue to perform strongly with a 1.3% rise in “All Dwellings”, rounding off the last 12 months of growth at 22%.

Looking at the next graph on rental yields you’ll see that (Insert Graph) Rental prices for houses over a 12 month period continued their growth in Metro Melbourne with prices now up 4.1%. Units continued their resurgence with prices now only being 1.6% under the market whereas 11 months ago rental prices were down 6.6%. Rental Yields for both regional and metro Melbourne remain quite good when you consider the investment loans can be secured at 2.09% fixed rate.

The main edits this week has been:

• Online retail sales double in 18 months after soaring 15.1% in the month of August.
• The Reserve Bank left the cash rate at 0.1% per cent with RBA continuing to purchase government bonds at the rate of $4 billion a week.
• With half of the working population is lockdown, employment fell by 146,300 in August, however the jobless rate fell from 4.6% to a 12½-year low of 4.5%
• The trade surplus increased to a record $109.8 Billion in August.
• New Vehicle Sales hit a 25 month high, selling over $1.088 million cars for the year.

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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.