Our Backyard

<strong>‘Lorne – Market Round Up’</strong>
The Real Estate Institute of Victoria reported that after lowering the cash rate last month, the Reserve Bank has decided to hold rates steady last week at 2.5%. In its statement, the Bank notes that the current cycle of easing in the monetary policy has “supported interest – sensitive spending and asset values”. The bank also stated that there are “signs of increased demand for finance by households”. The depreciation of the Australian dollar is also mentioned as further fostering the “rebalancing of growth in the economy”. The recovery of the housing market is continuing to gain momentum and is in line with this overall “rebalancing” of economic growth. August was a surprisingly strong month, particularly for auctions. There were a high number of auction sales due to a higher clearance rate, and there were also more transactions being written. With all these positive indicators, it is not surprising that REIV members are becoming more optimistic of the market.

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<strong>‘Lorne – Weekly Report’</strong>
No bigger week in Lorne that the past seven days to kick off spring with last weekend delivering two out of three premierships with our senior football team dejecting Colac Imperials by 30 points and our U/15 netballers going back to back to comfortably defeat Otway Districts. Our reserve footballers, after leading all day fell short by 2 points at the final siren but can feel proud of the year they had and being great support to the senior team. Well done Dolphins. Over the same weekend Lorne’s Festival of Performing Arts was officially opened by Surfcoast Mayor Libby Coker under the big top of the “Circus Oz” marquee and was an absolute cracker of a weekend entertainment for the whole town. On a real estate front the first quarter of the financial year has started well and is on track to volumes of transactions not seen through the past couple of years, albeit very much market realigned prices. The result of the sale at 25 Dorman Street, after almost five years on the market was a highlight and a good indicator of adjusting to changed market to achieve a result.

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<strong>Open Houses</strong>
Saturday 14th September 12.00 – 12.30     <a href=”https://www.lornerealestate.com.au/749563/”>50B Smith Street Lorne</a>

<strong>‘Lorne – No better place in the world’. </strong>
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<strong>‘Lorne – You must have a look at this’.</strong>
Sneak peek: prior to its marketing being implemented later in Spring; the opportunity exists for the purchase of a huge 1330sqm parcel of land hosting a delightful 2 bedroom cottage with excellent ocean views and a separate 1 bedroom bunkhouse. The feeling of the property is one of complete relaxation and privacy. This is a property that can be enjoyed in its’ present form with the comfort of a valuable underlying land holding that has the potential of subdivision. Great position with an easy walk to the beach and the restaurant strip. Priced at $1.1 million, please contact any one of our team for more information.

<strong>‘Lorne – Great Local Slang’. </strong>
An apology – last week there was a spelling error in my quote which incorrectly read “Bone it up em” but should have read “Bore it up em”. So an apology from me and this week I “sit in the naughty corner”.

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See you in Our Backyard

Ian Stewart 0418 522 571

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