Our Backyard – Aireys Inlet

Welcome to Aireys Inlet

The Reserve Bank has decided to follow up its February rate cut with a further cut over May reflecting continuing concerns over the state of the national economy.

The Bank cut official rates by another 0.5% this week to bring the official cash rate to a record low of 2%. This months action by the Reserve Bank follows the February cut which broke a sequence of 16 consecutive months of steady rates.

Housing market activity has continued to strengthen in most capital cities with lower rates and rising confidence fuelling higher buyer activity.

Locally buyer activity remains solid with a number of negotiations underway. Interestingly buyer activity on vacant land seems to have increased with the sale of a 1.5 ace block in Aireys this week and two other blocks currently under negotiation, one of which is an off market sale.

Also, the final stage at Narani Way is also seeing good activity levels. Consisting of nine vacant lots ranging in size from 1000m2 to 1513m2, one is already sold with another two under negotiation. These blocks have not been advertised yet so please contact us should you require any further information.

Also this week we saw some very healthy price reductions on quality property:

 -311 Great Ocean Road, Fairhaven – reduced from $1.1m to $985,000

– 21 Yandanah Road, Fairhaven – reduced from $1.150 to $895,000

A great result with the sale this week of 14 Amaroo Crescent, Aireys Inlet. Sold above the asking price due to a number of parties wishing to purchase it. Another good sign of the current market strength.

James.jpg

James Worssam

0418 585 815

james@greatoceanroadrealestate.com.au

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