5 things I learned this week that you should also know

A lot can happen in one week in our property markets, can’t it?

So here’s a look back at some of the things I read or learned this week, that I believe you should also know.

1. The supply of properties for sale can’t keep up with demand

Capital city demand continues at a vigorous rate, with buyers out in force – owner-occupiers, investors, and first home buyers – at a time when available supply struggling to keep up.

The stock of advertised properties in the four weeks to 16 May is 6.1% below year-ago levels across the capital cities.

And “Time on Market” continues to decline.

These are signs that property values will continue to rise

Of some encouragement, Sydney (-3.4%) and Melbourne (+14.4%) are managing somewhat better on the supply side than in the other capital cities.

New listings have perked up in recent weeks in Sydney and Melbourne.

Available stock in the other capitals are well below year-ago levels and are flat in level terms, still well below year-ago levels.

 

2. Here’s why Brisbane’s property market is booming.

The Brisbane property market has recorded its strongest start to a year since 2003 and median house prices are up 8.8% so far this year.

House prices have been fuelled by record-low interest rates, reviving post-Covid economy and waves of southern state migrants seeking safety, lifestyle climate and more affordable living.

 

3. Australia is punching above its weight in Apple stores

Considering our relatively tiny population, I found it interesting Australia was #5 in the number of Apple stores worldwide.

Of course, the USA is #1 and China #2.

4. The World has a New Richest Person (and It’s Not Musk or Bezos)

This week French billionaire, Bernard Arnault, became the world’s richest person with a net worth surpassing $186B

Arnault, whose fortunes are largely tied to luxury conglomerate LVMH, has seen a staggering 145% increase in his net worth since the beginning of the pandemic.

Arnault’s rise into top spot is particularly noteworthy since American billionaires – particularly in the technology sector – have dominated the world’s richest people ranking for a number of years.

Amazon’s Jeff Bezos remains neck-and-neck with Arnault, with Elon Musk still within striking distance of the top spot.

5. Another great sign of what’s ahead for our economy

New business investment (spending on buildings and equipment) rose by 6.3 per cent in the March quarter – the biggest quarterly lift in spending in almost nine years (since June quarter 2012).

Spending on buildings and structures rose by 3.8 per cent but was still down 3.4 per cent on a year ago.

Spending on equipment, plant, and machinery lifted by 9.1 per cent – the biggest lift in over 10 years (since December quarter

2010). Equipment spending is 5.6 per cent higher than a year ago.

 

Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on

If you’re wondering what’s ahead for property you are not alone.

You can trust the team at Metropole to provide you with direction, guidance, and results.

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from Property UpdateProperty Update https://propertyupdate.com.au/some-things-i-learned-this-week-that-you-should-also-know/