And just like that, we’re at the end of 2020. It’s been a pretty tough year for all of us so it’ll be good to see it in the rearview mirror as 2021 is only 4 weeks away. On the other hand, Australia seems to be coming out of the recession and we’ve just posted some of the best figures out of all the first world countries – the economy grew by a better than expected 3.3 per cent in the September quarter. Whilst this recovery represents Australia’s largest quarterly increase in GDP since 1976 and as the RBA interest rates have stayed steady – the recovery is still expected to be uneven and drawn out and it remains dependent on significant policy support. In the RBA’s central scenario, it will not be until the end of 2021 that the level of GDP reaches the level attained at the end of 2019.
And there are some interesting positives coming out from property experts about what next year may bring –
- Perth, Sydney and Adelaide are expected to see the biggest price rises next year
- Australians borrowed $22.7b in October to buy property (a record high)
- It was driven by first homeowners and the HomeBuilder stimulus program
And there is a huge push to spend on public infrastructure all across the country to stimulate job growth – so I’m keen to see what opportunities 2021 brings.
And speaking of which – at the end of the series on Wealth Transfer in the Times of Crisis – this month’s episode is all about Opportunities. Stan Kontos, a successful property developer and co-founder of nationwide Star Pharmacy Group, discusses what opportunities he is focusing on coming out of a crisis like this. Click here to check it out.
An essential aspect of our livelihood going forward is food security as the turbulence of this year’s events has shown. With this in mind, I wanted to feature one of our clients who have been working hard at implementing community gardens and sustainability farms around Australia. They have developed an innovative food production facility and one of the images we created for them for the proposed Glen Junor community farm.
I wish you all the very best for the festive season ahead and look forward to bringing you some more exciting articles and videos with property development experts next year.
To your development success,