Our Backyard – Torquay

Greetings from Great Ocean Road Real Estate, Torquay

In line with economist predictions, the Reserve Bank has chosen to keep the official cash rate on hold at 2.50% p.a. following their first meeting of the year.

Governor Glenn Stevens flagged stability was needed to continue to foster growth in 2014, calling overall conditions “very accommodative.”

“Commodity prices have declined from their peaks but in historical terms remain high,” said Mr Stevens.

“In Australia, information becoming available over the summer suggests slightly firmer consumer demand and foreshadows a solid expansion in housing construction. Some indicators of business conditions and confidence have shown improvement. At the same time, with resources sector investment spending set to decline significantly, considerable structural change occurring and lingering uncertainty in some areas of the business community, near-term prospects for business investment remain subdued. The demand for labour has remained weak and, as a result, the rate of unemployment has continued to edge higher. Growth in wages has declined noticeably.”

The RBA also noted that inflation in the December quarter was higher than expected, and the decline in the Australian exchange rate, which has helped balance economic growth.

RP Data figures show home values rising 1.2% in January, taking the annual capital gains across combined capital cities to 9.8%.

“The improved housing market conditions have provided a substantial flow on effect to the housing construction sector as developer confidence improves with housing market conditions,” said RP Data National Research Director Tim Lawless.

“Dwelling approvals are up close to 22% over the 2013 calendar year and there have been consistent rises in the number of new home sales. We expect housing market conditions to remain buoyant while mortgage rates remain so low, however further rate cuts are looking like an outside bet at best.”

Looking ahead, the RBA said they expect growth to remain below trend for a time yet and unemployment to rise further before peaking.

JP Morgan strategist Sally Auld told the media additional rate cuts aren’t off the cards, based on softening incomes and no meaningful upturn in employment figures. She flagged August 2014 as a likely month for a cut to fall.

Experts remain divided over whether rates will fall further than 2.5% in 2014, or whether they’ll adjust further as the year progresses.

Attunga Estate

We continue to have strong interest in our Attunga Estate, with 8 blocks now sold and a further 4 under offer. The estate offers great value, beautifully set within close proximity to schools, services, transport and Torquay’s Iconic Surf Precinct. An exclusive enclave away from the hustle and bustle, flat to gently sloping blocks with a choice of aspects including a multiple of North facing allotments. For further information on block sizes, plan of sub-division and price information, please contact our sales agents.

If you have any questions regarding any of our properties for sale or would like to book a private inspection, please do not hesitate to call the office on 5261 5088, or any of our Sales Team:

Saturday 8th February 2014

1100am – 11.30am 11 Gleneagles Close, Torquay

12.00pm – 12.30pm 31 Nautical Rise, Torquay

12.00pm – 12.30pm 9 Gairloch Avenue, Jan Juc

1.00pm – 1.30pm 1-8/65 Grossmans Road

1.00pm – 1.30pm 17 Eton Road, Torquay

2.00pm – 2.30pm 6 Beach Road, Torquay

2.00pm – 2.30pm  29 Bombora Street, Torquay

3.00pm – 3.30pm  3, 5 Gerves & 13 Manna Gum Drive, Torquay

3.00pm – 3.30pm 5 Ironbark Crt, Torquay

 

Sunday 9th February 2014

12.00pm – 12.30pm 1-8/65 Grossmans Road, Torquay

1.00pm – 1.30pm 303/100 The Esplanade, Torquay

2.00pm – 2.30pm 24 Ocean Acres Drive, Torquay

3.00pm – 3.30pm 111 Ocean Blvd, Jan Juc

4.00pm – 4.30pm 60 Bristol Road, Torquay

Lisa Portrait 300 x 400 pixels

Lisa Wiggins 0428 166 101

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