Congratulations to all the businesses in our area who have done ‘the right thing’ and shut up shop for lockdown. For many this is at great personal cost. So, to all of those businesses that are local and locked down to keep us all safe, thank you, we’re grateful. And to the community generally, it’s great to see so many using their common sense – and complying (to masks and sign-ins) for the common good. It’s heart warming and inspiring. It will help us all get through this quicker!
Amazing what you get to notice…
The recent rains have, yet again, reshaped the place, with a rockfall on the South Avalon headland that’s altered its profile. Some will remember a couple of years ago when ‘Indian Head’ (North Av headland) became a flat face overnight..!
The RBA left rates on hold, again, as promised.
Given the current economic recovery, and notwithstanding the recent Covid outbreak, the RBA is also indicating that it will be extending their bond buyback programme until November. And has also used slightly less insistent language about how long rates can be kept low and steady.
In simple terms, whilst the RBA rates won’t rise yet, real borrowing rates might, and we’d expect to see lenders gradually tightening the reins.
All this feeds into the gradual expectation that at the current rate, property price increases will calm. Not fall, just calm, assuming there are no major ‘nasties’ in the economic or investment world, which is always a risk, and that we remain broadly stable in other areas, including addressing COVID.
https://www.smh.com.au/politics/federal/rba-keeps-rates-unchanged-but-starts-winding-back-emergency-levels-of-support-20210706-p587b0.html
After yet another 3% rise in cross-Sydney prices in June, and with prices this year up a whopping 18.5%, any cooling off would be a relief for buyers. But that seems unlikely just yet…
Locally, our feeling is that the big rise was last last year/early this, and that prices have remained generally more gently upwards after that.
https://www.smh.com.au/politics/federal/house-prices-surge-to-fresh-record-highs-through-june-20210701-p585sq.html
One of the repeating issues with rising property prices is that they tend to continue upwards longer than you expect after the initial application of ‘the brakes’. So whilst the early signs of tighter credit are emerging, the relief for buyers may take some time to feed through.
https://www.domain.com.au/news/forecast-of-30-per-cent-housing-price-growth-could-be-largely-realised-economists-1070337/?fbclid=IwAR3E_vySdA2q6Cl5OmpXGE00X_X73yRLdroCvXAgZYOxBHyE2rxMBvlyqDc
If you’re renovating, you’ll have noticed increased prices in basics like long timber, nails, and other stuff. Travails with China are reportedly still causing bottlenecks in many goods, and lead times are longer. So, if you’re buying, worth bearing THAT in mind! Something already ‘done’ has a greater appeal than ever!
https://www.abc.net.au/news/2021-06-03/building-materials-shortage-hits-industry-boom/100181052
We’re seeing ongoing quiet activity.
We ARE still showing homes, but strictly by appointment.
A number of buyers around, a few lovely homes to show you – more coming soon.
Common Sense = Common Good
