In this edition
Newcastle: Hi-tech hub
Economists expecting interest rate reductions
Australia's resilient dwelling price growth
Proptrack Home Price Index results - March 2024
Off the property track...
Newcastle: Hi-tech hub
Newcastle Airport's evolution continues with the recent proposal for a high-tech development in the Astra Aerolab Precinct.
The development, which is part of a larger $250-million upgrade including the airport and surrounding facilities, is a key component in the region's transformation, reflecting its growing importance in the aerospace and defense industries.
Informed property investors have always known that there's a risk associated with investing in regional markets because their economies are based on one main industry or another. It's the classic 'mining town' argument. If the dominant industry folds, the local economy is in trouble. With Newcastle it was originally steel (until BHP packed up and left Australia), and is now coal.
It's very early days, but the new airport and hi-tech hub could well be a step toward Newcastle sufficiently broadening its diversity of industry and commerce to reduce the risk for property investors. It will probably take at least a couple of decades before the risk might be mitigated, but is definitely a step in the right direction.
Economists expecting interest rate reductions
The RBA is hedging its bets, but university economists and Moody's economist agree with our forecast that interest rates will likely begin to fall mid-year.
Australia's resilient house price growth
Despite economic challenges, Australia's housing market remains robust, with high dwelling prices and a competitive rental market. This resilience is attributable to a range of factors.
For those interested in a closer analysis, Matusik explains in his recent article.
PropTrack Home Price Index results - November 2023
Perth continues to perform with an annual growth rate YTD of over 18%, a median house price $100k below the national average, and nearly $200k below the capital city average.
Off the property track...
This month, from Visual Capitalist:
Mapped: "The Top 25 Countries for Retirement". Australia is traveling pretty well.
Mapped: "How Much Netflix costs in Every Country". With Pakistan the lowest at a remarkable $2.82p.m., and Switzerland at a whopping $21.48p.m., Australia is sitting comfortably around the mid-point at $11.19.
Enjoy...