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Unemployment remains at 4.1% 🧑🏭👷👩💼👮👩🌾
The unemployment rate continues to track at low levels, despite weakness in parts of the economy.
The national unemployment rate in September was just 4.1%, the same as the previous month, according to new data from the Australian Bureau of Statistics (see graph).
Meanwhile, the state-by-state unemployment rates were:
* ACT = 3.4%
* WA = 3.6%
* NSW = 3.8%
* Tas = 4.0%
* Qld = 4.1%
* NT = 4.2%
* SA = 4.3%
* Vic = 4.4%
The Reserve Bank of Australia (RBA) has been trying to walk a fine line – make interest rates high enough to slow the economy (and thereby reduce inflation) but not so high that unemployment rises significantly. With unemployment remaining at such a low level, the RBA will think twice before cutting interest rates.
LMS Takeaway - It would be surprising to see a rate cut this year, unfortunately. Plan accordingly!
#economy #jobs #interestrates #realestateaccountants
ANZ forecasts property prices to keep rising in 2025 🤔🔮
Property prices will rise in six capital cities this year and all eight capitals next year, based on ANZ forecasts.
In aggregate terms, the combined capital city median price is forecast to rise 7.3% in 2024 and 5.5% in 2025.
Over the course of 2024, prices are expected to rise 25.1% in Perth, 15.4% in Adelaide, 15.2% in Brisbane, 4.2% in Sydney, 2.4% in Darwin and 2.0% in Canberra, while falling 0.7% in Hobart and 1.7% in Melbourne, according to ANZ.
By the end of 2025, home values are expected to have risen another 7.4% in Perth, 6.4% in Brisbane, 6.0% in Sydney, 5.7% in Adelaide, 3.9% in Melbourne, 3.3% in Canberra, 2.4% in Hobart and 1.9% in Darwin.
#property #realestate #investing #realestateaccountants
Property prices rise for 20th consecutive month 😀🫤⁉️
The national property market is sending mixed signals.
* On the one hand, Australia's median property price rose another 0.4% in September, which was the 20th consecutive month of growth, according to CoreLogic.
* On the other hand, the pace of growth has slowed: the median price rose just 1.0% in the three months to September, which was the smallest quarterly increase since March 2023, in the early days of this growth cycle.
One reason the market is slowing is due to an increase in supply, which is making it harder for vendors to sell their homes.
“The flow of new listings coming onto the market was tracking 3.2% higher than a year ago nationally, to be 8.8% higher than the previous five-year average for this time of the year,” CoreLogic said.
“Auction clearance rates have wound back to the low 60% range across the combined capital cities, which is about 4 percentage points below the decade average. Similarly, homes sold by private treaty are staying on the market longer, with a median of 32 days to sell nationally through the September quarter, up from 29 days in the June quarter and 27 days a year ago.”
#property #realestate #investing #realestateaccountants
Home loans activity keeps rising ✍📝↗️️
Mortgage borrowing has now increased for seven consecutive months and 17 out of the last 20, according to new data from the Australian Bureau of Statistics.
During that time, monthly home loan commitments have grown from $23.105 billion in January 2023 to $30.378 billion in August 2024 – an increase of 31.5%.
There are two reasons mortgage volumes have increased:
* More people have been buying property, which has meant more borrowing activity
* Property prices have been rising, which has meant borrowers have taken out larger loans
But we’re still well short of the record $35.134 billion of home loan commitments in January 2022, when the previous property boom was near its peak.
LMS Takeaway - We've been helping our clients find savings by refinancing their current loans. We work with the best brokers in the business. If you want a second opinion, some breathing space in your cashflow, or to unlock equity for your next purchase, contact us today and we'll connect you.
#property #realestate #refinance #realestateaccountants
House rents record slowest growth in five years 👇📈
Domain data have revealed that rents have flatlined in the combined capital cities, suggesting the rental boom may be over.
In the combined capitals, the median house rent jumped 8.3% in the year to September but was unchanged in the September quarter (see table), while the median unit rent rose 5.0% annually but was also unchanged in quarterly terms.
“Australia’s era of explosive rental growth appears to be nearing its end,” with research showing “that all capital cities have passed their peak in growth rates and are now decelerating rapidly, with some cities already in decline,” according to Domain's chief of research and economics, Nicola Powell.
“For the first time in nine months, quarterly rental growth for both houses and units has stalled across the combined capitals, marking the weakest September quarter since 2019 for houses and since 2020 for units.”
Domain also revealed that the number of prospective tenants per rental listing on Domain has now fallen to its lowest level since 2019, suggesting a closer balance between supply and demand.
#property #realestate #rents #realestateaccountants
