12th April 2013
‘Lorne – Market Round up’. I was exposed to a recent suburb snapshot of Lorne completed by R.P data which confirmed the following interesting numbers-
i. Median House price $825,000
ii. Median Unit price $570,000
iii. Average time on market (houses) 120 days
iv. Average time on market (units) 160 days
All these numbers are pretty well aligned to our statistical records except the average days on market which according to our records are in excess of 3 times that as reported by P.P data. It would be interesting to know the qualifying periods that R.P data use and whether or not old records are taken into account.
One thing is for certain is that these average days on market numbers will now gradually start to decline given the increases in volumes of transactions.
‘Lorne – Weekly report’. There was no better example of market re-alignment and adjusting to current conditions than the two contracted deals that where completed during the week just passed. Both 12 Lorne Avenue and 48 Waverley Avenue where contracted after having sat on the market for in excess of two years.
Buyer interest continues to be consistent for well priced stock even during our traditional seasonal slow down through April. Fingers crossed that our forecast may be proving to be correct.
On a more disappointing front after having reported Lorne’s great win over Apollo Bay last weekend the Dolphins have just been delivered the news that as a result of playing an unregistered player they have lost their four points, percentage and have been fined $500. No doubt the coastal cup will also now have to “migrate south” to Apollo Bay. A very costly lesso the 2013 finals season.
A bye for the locals this week but stay tuned for how the boys “bounce back”
12.00 – 12.30 52a Dorman Street Lorne
1.00 – 1.30 24 Toorak Terrace Lorne
1.00 – 2.00 100 Allenvale Road Lorne
3.00 – 4.00 3 Moorhouse Street
11.00 – 11.30 Apt 5 Point Grey Apartments
‘Lorne – You must have a look at this’. A major price reduction on Aptment 5 at Point Grey has seen it released for private sale at $450,000. This 2 B/R as new apartment represents a fantastic entry level buying opportunity in Lorne. This is one you must check out – have a look.
‘Lorne – Great Local Slang’. Dig a hole and bury me – “It doesn’t get any better than this”
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