Lorne – Market Round Up
During the week the Reserve Bank left interest rates on hold, and said that that is where they are likely to stay for some time.
The official cash rate target has now been steady at 2.5 percent for the past six months, after the RBA cut its benchmark rate by 25 basis points in August, The decision during the week marks the longest period of interest rate stability since the RBA left rates on hold at 4.75 percent for almost a year between raising them to that level in November 2010 and cutting them back to 4.5 percent in November 2011.
The banks decision surprised no one, with all 32 financial institution economics surveyed by Bloomberg ahead of the meeting forecasting rates to remain steady at 2.5 percent.
Economists that are forecasting a further rate cut expect the move later in the year as unemployment rises.
However, the statement by the Reserve Bank Governor Glen Stevens has cast further doubts of the likelihood of another rate cut, and certainly implies that the next move is likely to be many more months away, whether it is up or down.

Lorne – Weekly Report
For those that were not in Lorne last weekend you missed what was described as like being in scenes from the movie – Jaws. Our main beach was swiftly evacuated over the sighting of a shark from the Westpac helicopter. With the helicopter, warning siren at full volume, circling above the Lorne Surf Club’s “rubber duckie” at sea level and the Lorne shoreline packed with onlookers, the name of that famous movie was on everybody’s lips. The day ended successfully as the shark was guided to deeper water and left Loutitt Bay to enjoy his own habitat in an area less populated by foreign invaders.
Back on dry land the action of the past week, not quite as exciting as the Jaws movie, but a good week for real estate. With multiple negotiations nearing the “pointy end” I am confident that in my next column you will read that the first half of February has delivered a handful of contracted transactions.
Many on the coast are still getting over the auction result of 34 Lialeeta Ave, Fairhaven selling for over $510,000 above the reserve price. As much as this result was seen as the exception and not the norm, it does reinforce currently how good a value the Lorne property market represents.

Open Houses
Saturday 8th February
12:00 – 1:00 Cumberland Resort, Lorne
12:00 – 12:45 4A Tradewinds Avenue, Lorne
1:00 – 1:45 4/9 Albert Street, Lorne
1:30 – 2:00 63 Great Ocean Road, Lorne
4:00 – 4:30 3-9 Armytage Street, Lorne
Sunday 9th February
11:00 – 11:30 25A Toorak Terrace, Lorne
12:00 – 1:00 Cumberland Resort, Lorne
1:30 – 2:00 63 Great Ocean Road, Lorne

Lorne – No better place in the world

Lorne – You must have a look at this
76 George Street, Lorne Lorne’s historical Log Cabin. One of Lorne’s iconic houses has only had three owners since the 1940’s. A property of local significance because of its historical and architectural features. The front original section oozes character with a roaring fireplace and exposed 70 year old timbers. A cosy, private and a very relaxing atmosphere radiates. 3 bedrooms, 2 bathrooms, formal lounge, separate dining/kitchen area, and small art studio allow for comfortable coastal living. Features include 2 open fireplaces, reverse cycle heating/cooling, ample storage, private rear sundeck, carport and relatively flat land. $695,000 More information here.

Lorne – Great local slang
He could talk under wet cement with a mouthful of marbles – “A very good talker”.

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Ian Stewart
0418 522 571