This quarter Victoria set global records for the most number of days in lock down and NSW also experienced months of lockdown. Despite the challenges posed by the pandemic, the Economy has been quite resilient and we are seeing strong prices and demand in the new and secondary markets for assets.
Markets have been strong with supply shortages and domestic spending pushing up automotive and road transport prices. The more favourable weather has helped the agricultural industry, which has seen one of its best harvests in years. Here is the quarter in short:
- New truck registrations have soared this quarter
- Kenworth and Volvo have now reportedly closed their order book for 2022, which will again have a knock-on effect in the secondary market
- Caterpillar sales decreased in Asia/Pacific mainly due to lower sales volume in the construction sector.
- All-electric mines are the fastest growing trend for the mining industry in 2021 which could have a major impact on new and used mining equipment.
- Confidence in the Agricultural sector is as high as we’ve seen it on the East Coast for the past 5-7 years
- Australia’s new car market continues to advance with a 21% increase compared to last year’s September sales, while still battling the supply issues that are driving up secondhand prices.
- Toyota is still dominating the market having their best YTD sales since 2008 however supply issues are likely to slow these sales in Q4 due to the semiconductor chip shortage.
- The Ford Ranger has knocked off the HiLux that was at the top for almost 5 years for the best-selling model.
- Classic and collectible cars continue to gain in popularity, although pricing seems to have leveled out at the end of the quarter.
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