Our Backyard

LORNE – MARKET ROUND UP

The weather was not the only thing that was hot last weekend – the coastal auction market showed strength not seen since prior to the Global Financial Crisis of 2009. We had six auctions scheduled across Lorne, Aireys Inlet and Fairhaven that produced an exceptional run of results. Of the six, one sold prior to auction, four sold under the hammer and the final property is currently under negotiation – a huge weekend for all!

The standout result was the sale of 47-49 George Street Lorne that sold way above expectations for $1.72 million under solid competition between five bidders. The 1950’s weatherboard home on a large 1510 sqm allotment had a spectacular northern aspect and an aura all of its own. The adjoining vacant allotment was next to go selling at the fall of the hammer for $810,000 whilst the third Lorne auction saw the older residence at 16 Lorne Avenue transact for $880,000. A big weekend for the coastal property market and with a handful of negotiations still underway, our forecasted optimism in the local market is beginning to be reinforced!

A LITTLE SECRET

It was interesting to read local papers over the last week reporting that on the back of Apollo Bay and District residents airing their grievances about Amy’s Gran Fondo cycling event being of no benefit to Apollo Bay. There are certainly other areas that do and accommodation houses are certainly one Lorne sector that benefit enormously, although I do acknowledge that for some retailers there is negative effect. The Colac Otway Shire has voted to support the event in 2018 but this may be for the last time. I wonder how Apollo Bay and District would feel if Lorne locals rallied against the Great Ocean Road Marathon which has a huge benefit to Apollo Bay?

QUOTE OF THE WEEK

“The only failure is not trying”.

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