Our Backyard

‘Lorne – Market Round up’. I was exposed to a recent suburb snapshot of Lorne completed by R.P data which confirmed the following interesting numbers-

i. Median House price $825,000
ii. Median Unit price $570,000
iii. Average time on market (houses) 120 days
iv. Average time on market (units) 160 days

All these numbers are pretty well aligned to our statistical records except the average days on market which according to our records are in excess of 3 times that as reported by P.P data. It would be interesting to know the qualifying periods that R.P data use and whether or not old records are taken into account.

One thing is for certain is that these average days on market numbers will now gradually start to decline given the increases in volumes of transactions.

‘Lorne – Weekly report’. There was no better example of market re-alignment and adjusting to current conditions than the two contracted deals that where completed during the week just passed. Both 12 Lorne Avenue and 48 Waverley Avenue where contracted after having sat on the market for in excess of two years.

Buyer

one you must check out – have a look.

‘Lorne – Great Local Slang’. Dig a hole and bury me – “It doesn’t get any better than this”

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Ian Stewart
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