24th October 2022 / Jeremy Desmier: Market Update | 22 & 23 October 2022

The brollies were out in force on what was a Super Saturday, with over 1,000 auctions scheduled in Melbourne for the first time since June. The wet weather didn't deter serious buyers, which resulted in a clearance rate of over 60%, the best for Melbourne since April.

In Mitcham, three bidders competed to secure the stylishly renovated four-bedroom home at 5 Cresswell Crescent. Offering two generous living zones, the pretty home is surrounded by an enchanting cottage garden and is in an excellent, family-friendly location within walking distance to schools. The home sold under the hammer for $1,540,000.

The spaciously designed, four-bedroom family home at 72 Long Valley Way in Doncaster East offered a comfortable home to move into now, with opportunity to renovate when ready. Five bidders sought to secure the home for their future, which for $1,505,000.

Five bidders sought entry into a first-class Kew location, at the auction of the two-bedroom unit at 1/50 Hartington Street. Offering a street-facing façade and spacious kitchen, the property sold under the hammer for $770,000.

Federal Labor's first budget is just days away, with CBA Chief Economist, Stephen Halmarick, expecting it to largely focus on increased spending on health, aged care, the National Disability Insurance Scheme, and defence.

In recent days, the REA Group reports that housing industry groups have made their case for Treasurer Jim Chalmers to include spending that will support supply side initiatives, especially the construction of new homes. It is unsure if those calls will be heeded, with Chalmers under pressure to rein in spending and address debt and deficit.

The budget is expected to include measures to assist Australians struggling with rising cost of living pressures. Mr Halmarick also anticipated "family policy" measures like additional funds for childcare and paid parental leave. "These measures will be aimed at not only providing some support to families, but also increasing the female labour force participation rate," he said.

Jennifer Westacott, Chief Executive Officer of the Business Council of Australia, said the country was unlikely to slip into recession. "Our economy is bouncing back very fast. We've got a better starting position but how do we get growth? Well, you get growth by encouraging investment, getting businesses to do more, getting the private sector to do more, [and] diversifying the economy."

The budget needs to lay out "long-term fiscal strategy" that responds to current global economic volatility with a "disciplined" approach to spending, she said.

Results. It's a Fletchers thing.