WHY NOVEMBER MARKED A TURNING POINT FOR THE ECONOMY (AND HOUSE PRICES)

The Australian economy is now in recovery mode with almost all economic data showing a faster rebound than expected in the wake of the coronavirus crisis.

According to the latest Australian Bureau of Statistics data, the number of people employed in Australia grew by 178,800 in October despite economists predicting a 27,500 drop. Retailers are expecting a big Christmas with retail trade up 7.3% compared to October last year, even with continued declines in Victoria.

House prices are showing consistent growth across all capital cities and regional areas since July. Unit prices are still more challenged on the back of high vacancy rates, but unit markets in Sydney and Melbourne are the only ones showing drops in prices compared to pre-pandemic times.

Conditions are looking particularly strong going forward following a series of major announcements this month that will support economic growth and the housing market. Here’s why November marks a turning point for the economy and property prices. To read the full article click here