Market Wrap
So, rates up again. That’s the 6th month in a row. There is, however, is some good news here. It was only a 0.25% increase, rather than the 0.5% that’s been imposed over the last 4 months.
Why good news? The half percent indicates that the RBA is taking a breather to see how much of a flow-through effect the cumulative rises to date, have had.
There is evidence that the previous increases are already slowing spending, so there’s hope that after these increases, the RBA may feel they have created enough of a margin to cope with inflation.
Perhaps there is more to come, but there’s more reason to think it might ease moving forward.
New data shows further falls in national house prices, with Sydney falling 7% over the past 3 months, 9.2% year-to-date and Northern Beaches are down 14.5%.
So…there are certainly signs that the rate increases to date are biting!
The Spring market is traditionally a strong time for Sydney, and especially for our Villages, as buyers look to get set for Christmas and the Summer holidays.
There’s certainly much less of a frenzy this year, after 2 very buoyant seasons.
Buyers ARE here, and sellers are slightly more flexible given the tougher market conditions.
Tighter lending criteria, and overall wariness are increasing, and it seems first home buyers are standing back, worried about overpaying.
Certainly, prices are broadly easing after last year’s madness…and there are definitely fewer sales (currently a global phenomenon, as all economies face rising rates and easing confidence).
So, if you’re a buyer…by all means take your time, there’s less pressure than through the past 2 years. But don’t think that there are massive ‘deals’ to be done. Few vendors are desperate, and we always aim to price at the right market levels. While there’s always some room for negotiation, buyers making extremely low-ball bids risk getting vendors completely offside.
Village Voice
On the subject of community…while we’re through Covid, there’s still the rain. So far, the influx of visitors has been pretty limited – hurrah, some may say (recalling parking last year!) – but many of our local businesses could do with support…if we can, all in our small way, spend a bit locally, it all help. Please shop locally where possible.
Robertson Road in Newport remains a cool little enclave. Their last ‘Late Night’ a couple of months ago was great fun…and there’s another ‘street day’ coming. It’s on Saturday October 15 and runs from 7am – 7pm: Grab friends and family as there’s live music too.
And a plug for the (fab) local bookshops Bookoccino and Beachside Books. Because this really is the weather for a good book. Saturday October 8th is Love Your Bookshop Day!
Bookoccino has activities for the whole family; morning jazz, mini-events, a seconds-sale, and complimentary bubbles for shoppers after 3pm. What’s not to like?!
If you’re trying to live economically, October is also ‘Buy Nothing New Month’. So take a look at the local op-shops…there are many, including the Red Cross shops in Av and Newport. Here your purchase helps charity and reduces landfill.
The Big Sit
So…October is Mental Health Month. The timing of this comes just ahead of the year’s HSC, which is worth noting as a time many teenagers feel themselves going under.
The Big Sit – themed, guided, group meditations run throughout the month, ending with “The Big Sit” at Manly Beach on October 29. Read more at Thebigsit.com.au
This is also ADHD Awareness Month, an issue often perceived as a childhood one, but which is increasingly being diagnosed in adults, and which, if recognised can have far reaching effects on improving lives. Worth knowing more about…
We’re always on the lookout for interesting ideas in property. We mentioned ‘printed homes’ a while ago, but the latest software developments really seem to be providing some traction.
It could certainly help with the current shortage of building materials!
(check it out by tuning into ‘The Block’…)