Welcome to the September (Spring) edition of market insight, where we provide key insights on financial markets and current investment trends. Markets & Economics:
According to CoreLogic, Australian property prices are $103,400 higher than the same time last year. Despite various lockdowns, the nation's median property price lifted by 1.5% last month (to $666,514)
Houses and apartments in nearly every capital city lifted, with Hobart (+2.3%), Canberra (+2.2%) and Brisbane (+2%) posting the biggest increases. Prices in the other capitals also went up sharply, including Adelaide (+1.9%), Sydney (+1.8%) and Melbourne (+1.2%). Darwin was the outlier, with prices down 0.1% last month.
Inflation is currently sitting at 3.8%, with wage growth idling at 1.5% per annum
Australia’s unemployment rate currently stands at 4.9%
20% of Australians now use Buy Now and Pay Later payment options and 22% of people no longer hold cash in their wallet/ purse
Key Insights
If you’re a retiree and have a Pension Account (allocated pension, annuity, defined benefit, account-based pension), the below list does not apply.
Highlight of the month
Our Senior Financial Adviser – Joshua Fileti was recently invited to speak with Marissa from RiseHigh to discuss the benefits of Debt Recycling. Be sure to check out the video as this can be a useful strategy in helping to reduce debt and grow wealth.
Monthly jargon buster – Accumulation Fund
In an accumulation fund, your money grows or 'accumulates' over time. The value of your accumulation (super) fund depends on the money that you and your employers put in (known as super contributions), and on the investment return generated by the fund.
Smart Money Tip – Make it automatic:
If you lack the discipline to save, find a mobile app that will do it for you. With a reputable mobile app, you can plan your budget and track your spending. You can even schedule the transfer of money from your salary to your savings.
Feel free to touch base should you have any questions or queries. Also, be sure to watch for our next edition of Market Insight.
Synergy Private Wealth
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