15th November 2013
GENERAL MARKET ROUNDUP
Economists believe rising property prices have helped boost a closely watched consumer confidence measure to its highest level in almost three years. The Westpac-Melbourne Consumer confidence index for November has climbed by 1.9 to 110 points.
A result above 100 indicates that there is a growing number of optimistic consumers. Westpac’s Bill Evans says the index shows people expect home prices to continue to rise in the short term. The component of the survey that measures confidence about house price growth rose by 3.1 per cent, and is now 23 per cent higher than it was in October last year. Westpac expects the Reserve Bank to cut the cash rate in the near future, but believes it is unlikely to happen before February.
LORNE MARKET ROUNDUP
A big week in Lorne where we saw our famous Swing Bridge over the Erskine River be dismantled and our river take on a new “naked” look. It will be interesting to monitor the progress of replacement given the extensive foot traffic that uses our bridge through the busy summer period – stay tuned.
The inaugural Lorne Film Festival kicks off tonight with the screening of Uncharted Waters based on the life of legendary Lorne surfer Wayne Lynch. It is certain to be a great weekend of film and wish the organizers well to ensure it becomes another regular event on our Lorne calendar.
Real Estate activity has been continuing to “gear up” on the coast with “follow-on” effects from the Melbourne property market continuing to ripple its way to all outlying coastal areas. With some great listing of new stock, there continues to be opportunity when statistically there appears no better time to buy!
LORNE – YOU MUST HAVE A LOOK AT THIS
Anyone searching for an alternate lifestyle opportunity, while at the same time not looking to start a business off from scratch? Well here is your chance! Pennyroyal Farm holiday cottages offer that perfect opportunity. This purpose built pet friendly accommodation business boasts a great year round business opportunity with an outstanding rate of return business. To find out more, check it out at https://www.lornerealestate.com.au/1129822/
LORNE – QUOTE OF THE WEEK
There you go – a dog with false teeth – “Something you don’t see very often”
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See you in Our Backyard.