This month’s market update
Well, well, well. Despite rising interest rates, global uncertainty and stubborn inflation, the market rose 0.9% across the board in October, putting on 7.6% nationally since January, and over 10% in Sydney.
According to newly released CoreLogic data, that puts us about 0.5% away from record highs, leading head of research Tim Lawless to predict new housing price records to materialise in mid-November.
“At this rate of growth, we will see the national HVI reach a new record high mid-way through November, recovering from the -7.5% drop in values recorded over the recent downturn between May 2022 and January 2023,” he said.
As predicted, a strong spring market has brought vendors out, cutting out the urgency for buyers.
“More listings imply more choice for buyers, and more choice means less urgency, more time to deliberate on the purchase and negotiate with the vendor,” Mr Lawless said.
The boom in over-55s living
With an ageing population, over 55s-living options have boomed in the Illawarra. And there are good reasons why a move into over 55s living is a great choice as your thoughts turn to downsizing and retirement.
While there is the requirement that residents need to be semi-retired, over-55s living arrangements mean that you can enjoy all the independence you want while taking advantage of the community and facilities available. It is no secret that The Links Seaside by Warrigal has amazing views over a pristine golf course and uninterrupted views of the ocean. But the lap pool, library, tennis court, BBQ area and gorgeous shared living spaces are the cream. In many of these places, it’s also time to say goodbye to time consuming garden maintenance.
It is worth speaking to Tim Bartlett about how the over-55 option should be high up on your choice for the next stage of your home owning journey.
Lamb chops and mortgages
The price of lamb has fallen 10% at the farm gate. That’s great news as we gear up for the summer BBQ season. But could cheap lamb lead to cheaper mortgages?
In addition to the price of real estate, the next move of the Reserve Bank is starting to dominate conversations both at auctions and the BBQ. With economists tipping a 13th uptick at the Melbourne Cup Day meeting, it is worth noting that it is not the impact of past rises on mortgage holders that worry the Reserve the most. It is the cost of goods that keep Reserve governors up at night as they obsess about bringing inflation back to the 2-3% band. Thank you, lamb.
But if all that sounds like econospeak – let me put it another way. The Reserve wants to stop you from spending. Simple. If you don’t, it will take money from your pocket in the form of higher rates until you do. It’s a blunt instrument that impacts cash strapped mortgage holders the most, while the other parts of the economy are humming along just fine thank you.
It’s a tricky spiral. More spending equals higher prices equal higher inflation equals higher interest rates. The message of all this is clear. Buy lamb.
Tips for the perfect lamb
All this talk about lamb …. Whether you are preparing chops for the BBQ or a leg of lamb for the oven for a few hours, the secret is in the preparation.
The leg of lamb is a beautiful thing. Going old school, evenly push a knife into the lamb down to the bone and rub olive oil, salt and pepper as the base seasoning. Then stuff the holes with garlic and rosemary. Before you pop it into the oven, make sure you take it out of the fridge at least 2 hours before to bring it to room temperature.
A tip from Jamie Oliver? Pop the lamb straight onto the bars of the oven to get 360 degree roasting and put your dish on the bar below to catch the fat for the chance to make a delicious gravy.
Chops on the BBQ? Are you are going for Greek-inspired, mint or honey soy? The trick is to marinate your lamb chops in the fridge for 24 hours to make them tender and juicy. Throw them on the BBQ on a high heat and sear them for 3-4 minutes each side. Delicious!