31st May 2013
‘Lorne Market Round-up’. According to R.P data senior research analyst, Cameron Kusher, weekly rents have increased by 3.5% over the past year while value growth has been moderate and there has been virtually no change to yields yet investor activity in the housing market is ramping up.
Over the 12 months to April 2013, capital city median rental rates are recorded at $474/week for houses and $440/week for units.
Despite the comparatively lower level of value growth for housing, over the past five years rental rates have increased at an average rate of 5%.
These rental trends are also applicable to our coastal markets and the outcomes which are likely to be seen in the short to mid term is a firming of property prices – In our opinion it will be slow and steady – but it will happen.
‘Lorne – Weekly report’. As we draw to a close on historically one of our quietest months on our annual calendar we can report that this May has been more productive than most. Both with visitors to our town and activity in general the month has been strong.
On the sales front we can report three transactions in excess of a million dollars which underpin our ongoing confidence and optimism in the market in which we specialize, backed up by another three in the $700,000 to $1,000,000 price range.
Again the common thread behind every one of these deals was the willingness of property owners to “meet the market”.
This week the local Dolphins take on the Western Eagles at home and the efforts of all football and netball teams have been well rewarded through the early part of the season. All three football sides are well positioned to ensure finals appearances and the undefeated U/15 Lorne netballers lead a strong contingent of girls across all divisions of netball – Go Dolphins.
‘Lorne – You must have a look at this’. If you want a “sneak peak” of a superb Smith Street property that sits on two titles and enjoys a magnificent northerly aspect from the two storey 4b/r home then give us a ring. You won’t be disappointed.
‘Lorne – Great Local Slang’. That was a cockeye bob! – “A sudden storm or squall”
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