Australian Shares Set to Stay on Course for Weekly Loss
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,655,505 (-0.06%)       Melbourne $994,898 (+0.02%)       Brisbane $991,841 (+1.33%)       Adelaide $889,373 (+1.26%)       Perth $861,566 (+0.49%)       Hobart $729,893 (-1.65%)       Darwin $669,344 (+0.35%)       Canberra $999,769 (+1.27%)       National $1,055,910 (+0.34%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $749,436 (-0.10%)       Melbourne $494,327 (+0.46%)       Brisbane $554,094 (+2.77%)       Adelaide $439,361 (-1.14%)       Perth $456,655 (-0.27%)       Hobart $524,871 (-0.43%)       Darwin $349,455 (+1.52%)       Canberra $494,554 (-1.96%)       National $530,871 (+0.07%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 10,048 (-72)       Melbourne 14,823 (-272)       Brisbane 7,999 (+9)       Adelaide 2,372 (-66)       Perth 6,238 (-89)       Hobart 1,265 (-29)       Darwin 232 (-6)       Canberra 1,020 (0)       National 43,997 (-525)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,719 (-61)       Melbourne 8,033 (-189)       Brisbane 1,615 (-4)       Adelaide 391 (-5)       Perth 1,570 (-29)       Hobart 203 (-10)       Darwin 394 (-6)       Canberra 1,010 (+7)       National 21,935 (-297)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $820 ($0)       Melbourne $600 (-$10)       Brisbane $640 ($0)       Adelaide $610 ($0)       Perth $670 ($0)       Hobart $550 ($0)       Darwin $700 ($0)       Canberra $680 ($0)       National $668 (-$1)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $750 (-$25)       Melbourne $550 ($0)       Brisbane $630 ($0)       Adelaide $500 ($0)       Perth $640 (+$13)       Hobart $450 ($0)       Darwin $513 (+$13)       Canberra $570 ($0)       National $589 (-$2)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,497 (+71)       Melbourne 5,818 (+35)       Brisbane 4,141 (+99)       Adelaide 1,399 (0)       Perth 2,377 (+32)       Hobart 400 (+17)       Darwin 111 (+17)       Canberra 604 (+9)       National 20,347 (+280)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 9,083 (+248)       Melbourne 4,637 (+100)       Brisbane 2,182 (-27)       Adelaide 393 (+2)       Perth 731 (-10)       Hobart 130 (-7)       Darwin 144 (-8)       Canberra 684 (+72)       National 17,984 (+370)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.58% (↑)        Melbourne 3.14% (↓)       Brisbane 3.36% (↓)       Adelaide 3.57% (↓)       Perth 4.04% (↓)     Hobart 3.92% (↑)        Darwin 5.44% (↓)       Canberra 3.54% (↓)       National 3.29% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND         Sydney 5.20% (↓)       Melbourne 5.79% (↓)       Brisbane 5.91% (↓)     Adelaide 5.92% (↑)      Perth 7.29% (↑)      Hobart 4.46% (↑)      Darwin 7.63% (↑)      Canberra 5.99% (↑)        National 5.77% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 30.3 (↑)      Melbourne 31.5 (↑)      Brisbane 31.7 (↑)        Adelaide 25.7 (↓)     Perth 35.4 (↑)      Hobart 33.7 (↑)        Darwin 36.2 (↓)     Canberra 32.0 (↑)        National 32.1 (↓)            AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 31.3 (↑)      Melbourne 31.9 (↑)      Brisbane 32.1 (↑)        Adelaide 24.8 (↓)       Perth 38.7 (↓)     Hobart 37.6 (↑)        Darwin 46.5 (↓)     Canberra 39.2 (↑)        National 35.3 (↓)           
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Australian Shares Set to Stay on Course for Weekly Loss

By Stuart Condie
Fri, Oct 20, 2023 9:16amGrey Clock < 1 min

Australian stock futures suggest the S&P/ASX 200 will follow US equities lower at the open, making a weekly loss even more likely.

ASX futures are down by 0.6% after US traders failed to glean a sense of direction on interest rates in comments by Fed Chair Jerome Powell .

The ASX 200 is 1.0% lower so far this week and on course for its fourth weekly loss in five weeks.

Ahead of the open, Worley said it had seen no business impact from geopolitical tensions Growthpoint Properties maintained its annual funds from operations and distribution guidance.

Insignia Financial said its CEO was stepping down.

In the US, the S&P 500 dropped 0.8%, the Nasdaq Composite fell 1.0%, and the DJIA declined 0.7%.

 

 



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It’s a key indicator in the RBA board’s decision making process, but it is proving difficult to move in the right direction

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The consumer price index (CPI) rose in April to an annual rate of 3.6 percent, which was 0.1 percent higher than in March, raising doubts about an interest rate cut this year as inflation starts looking stickier than expected. This is the second consecutive month of small rises, potentially indicating that Australia is experiencing the same stalled progress in bringing inflation down that is being seen in the United States, as both nations approach their central banks’ target inflation bands.

In Australia, the target inflation band is 2 to 3 percent, with the Reserve Bank of Australia (RBA) aiming to achieve the midpoint under its new agreement with the Federal Government following a formal review. In its interest rate decision-making, the RBA does not give as much weight to the monthly inflation data because not all prices are measured like they are in the quarterly data. On a quarterly basis, inflation has continued to fall. In the March quarter, the annual rate of inflation was 3.6 percent, down from 4.1 percent in December, according to the Australian Bureau of Statistics (ABS).

CBA economist Stephen Wu noted the April data was above the bank’s forecast of 3.5 percent as well as the industrywide consensus forecast of 3.4 percent. He predicts the next leg down in inflation won’t be until the September quarter, when we will see the effects of electricity rebates and a likely smaller minimum wage increase to be announced by the Fair Work Commission next month compared to June 2023.

The most significant contributor to the April inflation rise were housing costs, which rose 4.9 percent on an annual basis. This reflects a continuing rise in weekly rents amid near-record low vacancy rates across the country, as well as significantly higher labour and materials costs which builders are passing on to the buyers of new homes, as well as renovators.

The second biggest contributor was food and non-alcoholic beverages, up 3.8 percent annually, reflecting higher prices for fruit and vegetables in April. The ABS said unfavourable weather led to a reduced supply of berries, bananas and vegetables such as broccoli. The annual rate of inflation for alcohol and tobacco rose by 6.5 percent, and transport rose by 4.2 percent due to higher fuel prices.

Robert Carnell, the Asia Pacific head of research at ING, said they no longer expect a rate cut this year after seeing the April data. Mr Carnell said an increase in trend inflation was apparent and “rate cuts this year look unlikely”. In the RBA’s latest monetary policy statement, published before the April CPI was released, it said: “Inflation is expected to be higher in the near term than previously thought due to the stronger labour market and higher petrol prices. But inflation is still expected to return to the target range in the second half of 2025 and to reach the midpoint in 2026.”

 

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This stylish family home combines a classic palette and finishes with a flexible floorplan

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