Our Backyard

‘Lorne – Market Round up’. According to the latest RP data weekly report Melbourne house prices have increased 2.9% from January 2013 until now. Albeit that this increase is only minor the positive is that negative growth appears to have been confirmed as “bottomed out”. If history is our guide it will take some time before we return to double digit average house price growth but we are gradually heading in the right direction.

Over time we have noticed that our coastal market has historically followed the Melbourne market with a time delay of minimum 6 months depending on where we sit in our annual cycle.

The most noticeable indicator that we have perceived is that in dealing with buyers on a regular basis that there is more optimism about today than at any time over the past three years.

‘Lorne – Weekly report’. With the past couple of days producing weather not experienced for many months the first signs of winter are here. At the mid-point of one of our quietest months the market continues to “chug along” with more consistency than what it did 12 months ago. While there has been absolutely no evidence of firming prices as indicated in the Melbourne market. Our forecast is that deals will continue to be written for property sellers who are prepared to listen to what buyers are prepared to pay,as this consistency continues and the mountain of property on the market slowly declines, it is likely that prices will start to firm – but when you might say!

Again my forecast is that the election needs to be completed, the post election dust needs to settle and further confidence returns to the market. My opinion is that the 2014 start to the Melbourne property market will be strong which we will see a filter down the coast later that same year.

A couple of great results again in Lorne during the week with the sale of 3 Moorehouse Street and 7 Gardiner Avenue.

Saturday 18th
12.00 – 12.30 24 Toorak Terrace Lorne
1.00 – 1.30 52A Dorman Street Lorne

‘Lorne – You must have a look at this’. After having been marketed for the past six months at a price in excess of $2.5m the owners of the magnificent Gentle Annie on 45 acres within easy striking distance of all of what Lorne has to offer is now for private sale under $2m. This is one of the most unique properties in our coastal environment. Check it out.

‘Lorne – Great Local Slang’. As useless as a chocolate fireguard – “Useless”

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See you in Our Backyard
Ian Stewart
0418 522 571

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