Our Backyard

‘Lorne – Market Round up’. An interesting trend was released last week by R.P Data's United States parent company Core Logic, providing an up to date assessment of housing market conditions in the United States. The November results provide a further positive indicator that the US housing market, and for that matter, the US economy, is emerging from a long down turn.

Keeping in mind that house prices peaked in the US way back in 2005, and it was the ongoing cumulative declines in home values and subsequent mortgage defaults that were largely the catalyst for triggering the Global Financial Crisis in late 2007. Since this time, US housing prices have recovered by 9.6%, however remain well below their 2005 peak.

‘Lorne – Weekly report’. The Australia Day long weekend historically signals the end of Lorne’s peak holiday period and this year that period was as great as any of the past decade. Brilliant summer weather, fantastic visitor numbers and a multitude of stock provided for an interesting month of real estate. Buyer numbers where out in force but there was one constant message – ‘Deals could be done but they where on buyer’s terms and not sellers”!

The three auctions were a classic example with all three passing on vendor bids below reserve prices and then two of the three selling

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