APOLLO BAY- HERE AND THERE

Vital upgrades to the Port of Apollo Bay are currently underway with contractors working to repair more than 70 metres of rock wall on the Lee Breakwater, which provides access for vehicles servicing the fishing fleets, boaters and pedestrians.

A new sheet pile wall, protecting the harbour from turbulent sea conditions, will be built on the ocean side of the jetty.  A popular spot for visitors, the jetty will also be widened and public lighting installed with final works due to be completed by Spring 2024.

Colac Otway Shire Mayor Marg White said the $2.8 million works would protect a significant asset for the township of Apollo Bay and the Great Ocean Road region.

These works build on a previous $1.3 million Apollo Bay harbour investment which included an upgrade of marine facilities and harbour dredging.

APOLLO BAY- MARKET ROUND-UP

The interest rate outlook has changed remarkably in a short space of time. It was less than two weeks ago that financial markets and many economists were forecasting a rate cut as early as September. However with the release of higher than expected inflation figures for the March quarter, a new ‘higher for longer’ mantra has emerged.

At the March meeting, the RBA noted inflation was continuing to moderate in line with their forecasts and inflation momentum was easing. Fast forward to the May meeting, which marked the anniversary of Australia’s historic two-year rate hike cycle, with reports that the inflation trajectory rose above the forecast path.

Although there has been significant progress on reducing inflation, with the annual headline rate dropping from 7.8% at the end of 2022 to 3.6% over the 12 months to March 2024, the ‘last mile’ of getting inflation back to the target range of 2-3% is shaping up to be a challenge.

The effects of the interest rate trends have a significant influence on the overall stability of the market, with both Vendors and Purchasers alike having shown signs of hesitation. The uncertainty and negativity surrounding rate trends is seeing some potential sellers and also many coastal buyers awaiting further stability in the market before committing to purchase, unless there is perceived value in the property. In saying that, some Vendors are shifting to meet the market, resulting in transactional activity for those who have adjusted.

Kind regards,

Darren Brimacombe
For and on behalf of the entire Great Ocean Road Real Estate team

APOLLO BAY- QUOTE OF THE WEEK

“People often say that motivation doesn’t last. Well, neither does bathing — that’s why we recommend it daily.”

APOLLO BAY- A LITTLE SECRET

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