|Market||This Week||Last Week||Change|
|Cash Rate||2%||2%||No Change|
|vs US $||0.7751||0.7676||0.977%|
|vs UK £||0.4994||0.4998||0.08%|
|vs Euro €||0.6893||0.6841||0.76%|
|vs NZ $||1.1045||1.0777||2.49%|
|Nickel (US$ p/ton)||13,268||12,922||2.68%|
|Copper (US$ p/ton)||5,864||5,906||-0.71%|
The local market had a dismal start to the week, impacted by falling commodities prices and Greece worries. The last day of the financial year saw a fight back into the black. While shares fell 5.5% in June, the ASX 200 rose 1.2% over the past 12 months.
Although hit in the last few days of June by the Greek tragedy, superannuation funds are expected to have grown by about 9.5% in the last financial year. According to researchers Chant West and Super Ratings, most funds were up 12% for the year as at the end of May, but it now looks unlikely that they will hit double digits for the third year running. More conservative funds (growth assets of between 21% to 40%) are set to return around 6.5%, while their pension fund equivalent will top 7.0%.
Economic data this week was overshadowed by offshore developments:
- New home sales fell 2.3% in May
- the value of investor housing loans rose 0.8% in May and 10.4% over the year. Total credit was up 0.5% in May and 6.2% over 12 months, while housing loans rose by 0.5% over the month and 7.2% over the year.
- dwelling approvals rose by 2.4% in May after falling by 5.2% in April.
- the Home Value Index of capital city home prices rose by 2.1% in June. Home prices are up 9.8% over the year.
- Australia’s trade deficit narrowed to $2.75billion in May.
In company news:
- Qantas was one the best improver over the last financial year, surging by 150%.
The Aussie dollar recovered most of its losses suffered in the immediate panic on Monday and the unfolding Greek credit crunch. Stronger than anticipated building approvals helped it struggle to over US$0.77 but our commodity driven currency was forced lower on falling metal prices and a stronger US dollar.
Base metal prices had a volatile week. Nickel has hit a six-year low as persistently high stockpiles and risk aversion driven by Greece weighed. Some solid US economic data provided support on hopes of stronger demand.
The spot iron ore price rose just US20c last week before heading into a decline this week. Last night the price fell US$3.10 or 5.6% - the biggest one-day decline in over a year, which has been blamed on steel production data out of China showing a big drop.
WA Housing Market - march 2015 quarter
|Housing Market||This Quarter||Last Quarter||Change|
|Median House Price - Perth Metro||$535,000||$550,000||-2.72%|
|Median Unit/Apartment Price - Perth||$440,000||$445,000||-1.12%|
|Vacancy Rate - Residential Homes in Perth||4.4%||4.2%||0.2%|
|Median Weekly House Rent||$430||$440||-2.27%|
|North||124.7||Coles Express North Perth & Scarborough||127.3||Puma & United Neerabup|
|South||124.8||Caltex Woolworths Canning Vale & South Lake||128.7||United Armadale|
|East||124.7||Caltex StarMart High Wycombe||128.7||United Roleystone|
|137.8||Metro Average||137.8||Metro Average|