Top Headlines Week 24, 2022
- Posted By David Brown
The Reserve Governor, Philip Lowe has warned Australians that they need to prepare for substantial interest rate rises in the coming months. Lowe conceded that he does not know how high interest rates may go. Inflation could hit as high as 7% by Christmas and predicted that it may not fall until the first quarter of next year. Australians are currently facing increases in fuel, power, and grocery prices, but the RBA has declared they will do “what’s necessary” to get inflation back to between 2% and 3%. “it’s unclear at the moment how far interest rates will need to go up to get that” Philip Lowe said. It is reasonable to think that interest rates could reach about 2.5% at some point. For the past two years interest rates have been at emergency levels due to COVID-19 and they gradually need to return to normal.
Located in the hills behind Byron Bay, Hercules wellness and training estate has sold at auction for $22 million, equalling the biggest residential sale made in the area. The Property overlooks the main town and covers almost 9ha and includes two residential dwellings, self-contained studio and three commercial premises, with conference facilities and a film or TV recording studio. Mr Main from Amir Prestige Group said this is a very unique property which received multiple competitive offers within a week of the listing going live. The property was taken off the market prior to auction by an unnamed buyer from Queensland. The sale of the property equalled the previous record set in 2020 when Rip Curl founder Brian Singer bought his house in the Shire for $22 million.
New data has revealed that some pockets in Brisbane has sellers reducing their sale price. This could be the first signs that the Brisbane market is beginning to slow in response the interest rate rises, the federal election, and more properties hitting the market. The data is slowing that prices are still rising just not at the rate we have seen over the past two years. The region of Sherwood-Indooroopilly saw the most discounting on house sale prices in May. On average, houses sold for 9.6% lower than their asking price. Some of this can be contributed to the recent floods, but it is undeniable that the market is beginning to soften.
A stunning Mediterranean farmhouse has sold for a record $3.3 million. The lavish home is located in the Tweed Coast Hinterland. The home was built by Sophie Bell, founder of creative design agency Peppa hart, and her husband, Michael. It was designed in collaboration with Three Birds Renovations, and has quickly become a highly sort after for photo shoots by Australian and International fashion labels. The property is known as Casa Campana and is located on 1.31ha on rainforest at Nunderi. The sale of the property was a record for the area. The home is nothing like anything else in the area, and truly makes you feel like you’ve escaped to a whole new place.
A Sydney developer has lodged plans for a 40-storey apartment building located in Broadbeach. The building will comprise of 113 mostly two and three-bedroom apartments and is topped with a three-level, five-bedroom penthouse. The building will also feature a cantilevered swimming pool that will protrude from the side of the building. There is also a large recreational space planned for the fourth level which will include the stunning pool, a sundeck, plunge pool, outdoor lounge area, yoga lawn, gym, and dining facilities. The current plans for the ground floor include a small restaurant and bar. The building location has been proposed for 2797-2799 Gold Coast highway at the norther end of Broadbeach. Broadbeach has been the central focus new apartment development; increased construction costs and labour shortages have started to slow the plans for new towers. As the demand for properties is still at an all-time high, many developers are pushing forward with their plans despite the major headwinds.