Our Bakyard

Lorne – Market Round UP

The big news of the week has been the Reserve Bank of Australia leaving rates on hold at a record low for the 11th consecutive month, awaiting further signs that the tapering of the resource boom will not lift unemployment.

Since the board met a month ago, Australia’s annual economic growth rate has shot back up above 3 percent while the unemployment rate has stayed flat at 5.8 percent for the third month in a row.

As we commence the downhill run to the end of 2014 the prime indicators are looking up for the first time in a number of years:

Lorne has plateaued with its average house price bottoming out at $963,571, the lowest at any stage over the last four years.
Interest rate at historically low levels.
Supply of stock for the first time starting to show signs of decreasing.

As an early prediction my view for the next 12 months is that we are likely to see our average and median house prices begin to firm – stay tuned!

RBA

Lorne – Weekly Report

We are off and racing into the new financial year and on the back of our forward forecast the market has begun well with the sale during the past week of the property at 13 John Street for just in excess of $800,000. With a good number of other properties also under negotiation there is a positive vibe as this market starts the turn the corner.

After a few years of inactivity, prices are slowly showing signs of starting to turn but it is going to take time to the return of the late 90’s and early 2000’s.

Arguably there has never been a better time to enter the Lorne market and coming off the low base, has potentially never in our history represented better value comparatively to the rest of the coast.

Open Houses

Saturday 5th July

12:00 – 12:30 22 George Street, Lorne

Sunday 6th July

12:00 – 12:30 181 Great Ocean Road, Lorne

Lorne – Quote of the week

“What separates the best from the rest is how they manage the gift of their time”.

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See you in Our Backyard.

Ian Landscape

Ian Stewart

0418 522 571

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