Spring forward this long weekend….
Market wrap
First things first: Daylight Savings begins on Sunday. Spring forward, Fall back…
The US hiked rates again last week, by 75 basis points, the third such increase in a row. The rates there are now 3-3.25%, and further increases to 4.25-4.5% are expected. The Fed remains very concerned over inflation; as is the RBA. The difference is that the latest US inflation data was up by 8.3%, whereas ours was just 5.6%; we’re seeing much less pressure than they are.
Worth noting that as recession fears grow, both oil and gas prices seem to have peaked, implying that prices of recession led indicators may be topping out. In which case, rates may not need to ramp up hard from here.
Still, the world isn’t sorted out on supply chains, even if our food prices have calmed.
Nonetheless, current data points to wariness on asset classes globally, as concerns rise of a global recession. That might be positive for bricks and mortar as a defensive strategy; it’s often the case that property does well as a counter to inflation, but it’s way too early to tell. We always emphasise that all areas are different – and our villages are quite unique! – but here are some generalised stats, from CoreLogic:
Sydney prices are down 8% from the top in January
House prices are still up 107% over the past decade
And up by 36% from September 2020
School holidays in the village
As we head towards Summer, we tend to get a lot more people in the area, many day-trippers, some weekenders and some on holiday. Many take a look around and think they might like to live here, now, or in the future. So, if you’re thinking of selling, it’s worth giving us a call.
The school holidays also mark the resumption of SLSC action on the beaches. So, as ever, thanks in advance to all the volunteers who help make our beaches safe, for locals and visitors alike. Mentions of course to our ‘local’ teams at Avalon, Bilgola, Newport, Whale and Palm Beaches and Mona Vale!
Our community is pretty good on supporting each other, through businesses, clubs, and other events. Mental Health is something, in recent years, we’ve become much more aware of just how important it is to just ask someone if they’re OK.
The Covid lockdowns saw an increase in reported mental health issues, particularly amongst the youth. October is Mental Health Month and there are many initiatives to address this, but meditation has been demonstrated to be effective. The Big Sit is 28 themed guided meditations set to take place throughout the month, ending with a big one at Manly Beach on October 29.
Council upgrades
Locally, the Council has been busy. Thankfully the Woollies car park upgrade in Avalon has been completed (and is great!) so there’s now a bit less of a bunfight for parking…although we might need to get used to a bit less parking again when the trial for pedestrianising the area around there comes into force.
And it appears that the insanity that prevented turning across the road into parking spaces on Old Barrenjoey has been put right…just a single white line now, folks! And there’s been a load of tree planting along ‘the yellow brick road’ in North Av, and around the school, all of which will eventually provide great shade along the walk. All this follows recent reports that the area has actually increased its overall tree canopy, with beautiful new planting more than replacing those removed.
Last weekend’s Northern Beaches Readers Festival seems to have gone well. School holidays meant many were away…and surprisingly few local authors…but hopefully another event to add to our annual cultural calendar.
And an odd one…for the Scots or would-be Scots among you!
The National Bagpipe Championship is on at Rat Park in Warriewood, this weekend (Oct 1 & 2) from 9-3pm.
(Is this the right time to mention the definition of a Gentleman? A man who knows how to play the bagpipes…but doesn’t?!)
Among our visitors, many of course head to the beach. And every year, a few think they’ll just drive…all the way! This was a couple of weeks ago, at the ‘village’ end of Palmy.
Just for clarity, this one had actually been stolen! Anyway, in case you’re tempted, read on…THIS is how you do it!