Our Backyard – Lorne

Lorne – Market Roundup
R P Data released the October housing market results and confirmed a 1.3 per cent rise across the combined capital cities index over the month with the rolling 12 month combined capital cities index growth rate recording its fastest pace in three years.
Combined capital city dwelling values increased by 7.9 per cent over the last 12 months and are up 8.2 per cent year to date. R P Data’s Senior Research Analyst Cameron Kusher noted that the latest data also emphasises the strong housing market conditions in Australia’s two largest cities, Sydney and Melbourne, which is having a strong influence on capital growth across the combined capital cities.
Sydney home owners increased by 2.4 per cent in October and increased by 5.5 per cent over the past three months while in Melbourne, home values increased by 1.2 per cent in October and recorded an increase of 3.8 per cent over the past three months.
My forecast is that the leisure markets within two halves of these capital cities will for the first time in a number of years begin to experience increased demand and the volumes of transactions is likely to increase.

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Lorne – Weekly report
The month of November has started strongly with a huge influx of visitors through the Melbourne Cup long weekend. The town was a picture and real estate enquiry definitely on the increase. One of the stand out results of the weekend was the sale of the residence at 7 Anderson Street Lorne. After the Vendors listened to the advice of their agents and realigned their asking price to a figure where was believed buyer interest would be attracted, the result followed. The property was relisted for private sale at $985,000 and through the Cup long weekend had attracted the interest of three potential purchasers.
After dealing with the multiple buyer interest a great price was achieved well in excess of a million dollars reinforcing that for well-priced property there are buyers ready to purchase.

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Open houses
Saturday 9th November
12:00pm-12:30pm 50B Smith Street Lorne
3:00pm-3:30pm 4/9 Albert Street Lorne

Sunday 10th November
12:00pm-12:30pm 6 Grove Road Lorne

Lorne – No better place in the world
Lorne Pier at dusk

Lorne – You must have a look at this
22 George Street – Tri level family home, comprising of 3 bedrooms, 2 bathrooms on a corner allotment of 840sqm (approx). Large open plan living, multiple decks, beautiful established gardens. $685,000. Please call Karen Stribling on 0439 650 838 for more information.

Lorne – Great Local Slang
“Raining cats and dogs” – I thought this was appropriate given the amount of rain that is forecasted for Lorne over the next 24 hours!

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See you in Our Backyard

Ian Stewart
0418 522 571

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