Our Backyard

There was a great article in the Financial Review last week where Robert Harley outlined how the past 12 months have provided a master class in the importance of interest rates – and the availability of cash – in the life of real estate.

According to Harley the fall in mortgage rates kicked off the nascent housing recovery. But real estate, especially lifestyle, is not all about interest rates. It also responds to structural changes and in 2019 that was the force of disruption! The re-election of the Morrison Government and the retention of the existing negative gearing and capital gains tax regimes all helped put an end to the market downer. As these disruptions dissipated the market responses were swift and on the back of three interest rates cuts by the RBA that delivered headline rates of under 3 per cent, the real estate market was on the move- and Lorne was echoing this sentiment!

LORNE – MARKET ROUND UP

Another good week in local real estate that underpins our march to the end of the year being nicely ahead of budget. A further two transactions throughout the week, one at full price and one in the excess of its asking price are on-going re-enforcement of the comments above.

The property at 2/20 Otway Street was priced in line with the created strategy and we were able to generate multiple buyer interest that produced an outstanding result for all involved. With a couple of other solid negotiations underway, the month is finishing strongly.

On behalf of us all here at Great Ocean Road Real Estate we would like to wish you a safe, happy and merry Christmas.

Kind regards,                   

Ian Stewart

For and on behalf of the entire Great Ocean Road Real Estate team

OPEN HOUSES

Saturday 21st December
12 – 12:30  43 George Street, Lorne
1 – 1:30  14 Allen Street, Lorne  
2 – 2.30  12A Francis Street, Lorne

LORNE – A LITTLE SECRET

Interesting to note that the Surfcoast Shire funded fireworks are not proceeding in Torquay but are still scheduled for Lorne. The New Year’s Eve “crackers’ are scheduled for 9.30pm and then again at mid night.

LORNE – QUOTE OF THE WEEK

“We humans have a negative instinct- To notice the bad more than we notice the good. Look for the good!”

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