JUNE EDITION
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GDP to grow by 4.75 per cent over this year and 3.5 per cent over 2022 .”
He also referred to Melbourne ’ s latest COVID outbreak , and warned that : “ An important ongoing source of uncertainty is the possibility of significant outbreaks of the virus , although this should diminish as more of the population is vaccinated .”
Inflation is currently also at 1.1 per cent , well below the 2-3 per cent target . So the jobs market is still a long way from full employment , wages growth at 1.5 per cent is way below the three per cent plus pace necessary to sustain 2-3 per cent inflation and in any case inflation is still well below its target zone . So a rate hike remains some time off .
As always we remind you the future remains uncertain for many reasons :
• The international border still remains shut for the foreseeable future
• The number of properties for sale has been steadily increasing over 2021 which creates more choice for buyers .
What we do know is that market fundamentals right now are helping our clients who are looking to sell . Our data tells us that our sellers who choose to sell via the auction method are rewarded with around 12 per cent higher price under the hammer than if they ’ d accepted a prior offer . We cleared 80 per cent of all auction stock last month , with record numbers of registered bidders . There ’ s a deep buyer pool for sellers to take advantage of right now . Our question remains , “ What are you waiting for ?”