Economists say the case for a pre-election interest rate rise is strengthening because there is a growing risk of higher inflation becoming entrenched if the Reserve Bank does not act soon. Inflation is now running at 5.1 per cent, the highest level in more than 20 years. The big four banks expect borrowers will be paying an interest rate of about 5 per cent by the end of next year, up from 3 per cent today. If bond markets are right, borrowers could be paying more than 6 per cent.

This weekend sees the Great Ocean & Otway Classic Ride taking place on Saturday. Starting and finishing in Torquay, the event takes in 90km of road closures. The ride is supported by police, extensive traffic management, medical support, mechanical support and entertainment.

There is spectacular scenery along the course with the opportunity to stop in the townships of Moriac, Deans Marsh and along the Great Ocean Road at Lorne, Aireys Inlet and Anglesea.

See below for road closure information.

https://www.colacotway.vic.gov.au/Upcoming-Events/Great-Ocean-and-Otway-Classic-Ride-2022

The strength of the Anglesea market was demonstrated this week with 17 Chatswood Drive, Anglesea being contracted only a week after being listed for sale. The ongoing lack of properties for sale combined with lots of active buyers is continuing to be good news for sellers.

James Worssam   |   0418 585 815

james@greatoceanroadrealestate.com.au