Australian stocks opened flat on December 18, 2024, following a decline on Wall Street, with the ASX 200 index sitting at 8,341 points. This stability comes amidst significant developments in the Australian property market, where reselling properties has yielded record profits. In the September quarter, the median profit from property resales reached $295,000, contributing to total gains of nearly $34 billion. Properties were typically held for about nine years, and CoreLogic's Eliza Owen noted that only 5% of properties resold resulted in a loss. This surge in property values is reflected in the national home values, which have increased by 57.7% since September 2015 [e09a2648].
In the broader economic landscape, NAB CEO Andrew Irvine commented that the Australian economy is in 'reasonable shape', indicating a level of resilience despite global economic pressures. Meanwhile, Qantas has announced it will pay $120 million in compensation to 1,820 workers who were illegally sacked, highlighting ongoing labor issues within the airline industry. Additionally, automotive giants Nissan and Honda are reportedly exploring merger talks, which could reshape the automotive market [e09a2648].
As the year draws to a close, all eyes are on the US Federal Reserve's last policy announcement, which is expected to provide insights into future interest rate adjustments and economic forecasts. Investors are keenly awaiting this announcement, as it could influence market trends both domestically and internationally [e09a2648].