8th June 2023
APOLLO BAY- HERE AND THERE
With the first days of winter now upon us and the Winter Solstice just around the corner the town has settled into a much sleepier rhythm, though the days are crisp its a magnificent time to rug up and enjoy the coast without the crowds, with magical sunrises and pumping winter swells.
Commentary is constant in the media about rising interest rates and the so-called interest rate cliff. At its June board meeting on Tuesday, the RBA marked the 12th hike in its tightening cycle, bringing the cash rate to 4.10% – its highest level since April 2012. While some markets are softening, others are showing early signs of recovery. Optimists report the peak of the interest rate cycle is near so the market is about to take off again, while pessimists needless to say are predicting tougher times ahead. Reality normally lies somewhere in between, and only time will tell.
Along with rate rises, the recent state government revaluations are concerning many property owners who are yet to find out how this will affect their Land Tax (other than for principal place of residence), also council rates. Some valuations have more had a 50-100% increase so the extra expenses will cause some people to off-load their properties. This is welcome news for some as it it will mean properties that would have remained tightly held might, become available for purchase however the fear of missing out has now clearly subsided and negotiations generally require a little more give-and-take from both parties to find common ground.
Property values can change quickly, so if it would assist your forward financial planning to have a personal update, please contact any of our agents. It will be our pleasure to help.
Kind regards,
Darren Brimacombe
For and on behalf of the entire Great Ocean Road Real Estate team
APOLLO BAY- QUOTE OF THE WEEK
“The secret to having it all… is knowing you already do.”
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