The Queen’s Birthday long weekend, which created a significant dip in the number of properties for sale, has not deterred buyers who were determined to secure a home on the weekend, even with a limited choice.
Sydney buyers snapped up 418 (90.1%) of the 573 properties that went under the hammer over the weekend, according to preliminary figures from RP Data, despite a limited choice of real estate with volumes less than half what they were last week.
Melbourne cleared 200 of its 302 auction for a 78.4% clearance rate, as auction numbers fell by more than three quarters.
Auction numbers are expected to swing back up again this week.
SMEs upbeat about hiring
SMEs remain positive about bringing on new staff despite a backdrop of economic uncertainty, according to the Manpower Employment Outlook Survey released today.
Of the 1500 businesses surveyed across Australia, 5% of micro business, 12% of small business and 15% of medium business said they plan to increase their workforces in the coming quarter. But hiring intentions have slightly decreased quarter-on-quarter.
“It’s not surprising to see the slight quarter-on-quarter decreases for smaller business, but as an economic indicator it is still largely positive,” said Lincoln Crawley, managing director of Manpower Group ANZ, in a statement.
“To put it in perspective, a micro employer, with less than ten employees looking at increasing the headcount in the coming quarter, is actually expressing a great deal of sureness in both their business and the economy; taking on just a single staff member when the business is of that scale is a great vote of confidence.”
“It will be interesting to gauge how the recent small business stimulus package affects hiring intentions in quarter four,” Crawley added.
Shares up on open
Aussie shares have traded higher this morning, with local investors appearing to shake off at least some of last week’s negative momentum.
But Michael McCarthy, chief market strategist at CMC Markets, said in a statement there is still a “smorgasbord of data” to digest.
“China trade data yesterday set a negative tone, with imports collapsing 18% in May,” McCarthy said.
“Despite the poor numbers the Shanghai composite jumped again as speculation mounted that China A shares would be included in a key global share market index.”
“However, copper and oil prices are lower, likely putting opening pressure on resource shares. Inflation data due today may shed light on any change of direction for demand in China, and the prospects for Australian trade,” McCarthy added.
The S&P/ASX 200 benchmark was up 19.7 points to 5518.2 points at 12.04pm AEST. Yesterday, the Dow Jones closed 82.91 points lower, down 0.46% to 17766.6 points.