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Analysts Predict Cooling in House Price Growth Amid Interest Rate Uncertainties

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Analysts Predict Cooling in House Price Growth Amid Interest Rate Uncertainties

 

By Jeff Gibbs

As the Reserve Bank of Australia (RBA) keeps interest rates steady, experts are forecasting a slowdown in house price growth during the upcoming winter months, influenced by ongoing uncertainties about potential rate hikes. Despite this, a prevailing fear of missing out (FOMO) may drive buyers who have been sidelined, eagerly awaiting rate cuts.

Current Rate Status and Economic Indications

The RBA’s recent decision to maintain the cash rate at 4.35% comes with a cautious note from RBA Governor Michele Bullock, suggesting further hikes could occur if inflation remains unchecked. This announcement aligns with data from the March quarter showing stronger-than-expected inflation, leading financial markets to adjust their expectations for a rate cut to no earlier than mid-2025.

Impact on Property Market Dynamics

Eleanor Creagh, a senior economist at PropTrack, noted that the market had previously benefited from a pause in rate hikes since November, resulting in robust price increases. However, she anticipates a moderation in this trend: “As we enter the typically quieter winter period and with rate cut expectations pushed to possibly early 2025, we expect to see a slight deceleration in price growth.”

Ben Burston, Chief Economist at Knight Frank, echoed this sentiment, highlighting that the potential for a rate cut this year has significantly diminished following the RBA’s recent statements. He pointed out that while buyer caution regarding interest rates persists, the stronger drivers of market activity—such as rental price increases, limited housing supply, and population growth—continue to exert significant influence.

Seller and Buyer Activity in a ‘Normal’ Market Environment

With disruptions like school holidays and public holidays now past, the real estate market is entering a period that will better reflect standard conditions. Upcoming auctions are set to increase notably, with over 2,548 homes scheduled this week—a 43% rise from the same period last year.

Anne Flaherty from PropTrack observed that unlike typical post-Easter trends, the market has seen a sustained high volume of listings. “Clearance rates are holding up well, averaging around 60% in recent weeks, which indicates continued strong buyer engagement,” she added.

Regional Variations and Market Segmentation

Cate Bakos, a Melbourne-based buyers’ advocate, described the current market as exhibiting a ‘two-speed’ dynamic, where well-presented properties attract significant competition, whereas less desirable listings are slower to sell. She also noted improvements in the availability of building materials and labour, which could influence market activity.

While Victoria and New South Wales report higher listing volumes, markets in South Australia and Western Australia have experienced limited supply, contributing to continued price increases in Perth and Adelaide.

Future Expectations and Strategic Buying

Rich Harvey, a buyer’s agent, noted a prevailing hesitancy among buyers concerned about current interest rates, with many awaiting clearer signs of potential rate reductions. “Once rate cuts become more likely, we anticipate a resurgence in market demand,” Harvey stated.

Bakos predicts that the RBA’s decision to hold the rate will bolster buyer confidence, potentially prompting many to enter the market before any actual rate cuts, recalling the rapid price increases seen in 2021. “As soon as there’s talk of a rate drop or an actual rate drop, we’re anticipating that buyers will flood in—and they don’t want to get swept up in that,” she explained.

In summary, while the Australian housing market may face a period of slower growth due to the interest rate environment, underlying factors such as low supply and high demand continue to support active market conditions.

 

For more real estate news, click here.

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“Australian lightweight champion from lil ol’ Swan Bay”

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Sunny McLean with his coach, Scott Smith. Boxing Northern Rivers News
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“Australian lightweight champion from lil ol’ Swan Bay”

 

By Samantha Elley

Maddog boxing’s Sunny McLean has been going from strength to strength this past year, grabbing titles from each of the events he has been fighting in.

Sunny McLean and his coach, Scott Smith, who runs Maddox Boxing, were recently picked to represent Queensland as the fighter and coach team to compete in the national titles in Gosford.

Sunny won all his elimination bouts and beat the NSW champion in the gold medal fight, to become the newly crowned Australian champion in the lightweight division.

They were surprised with a visit from Jason and Andrew Moloney, world champion professional boxers.

“Every state in Australia was there with all the best fighters and the (Moloney brothers) came to support us, so we felt so special,” said Scott.

“They came to help me prepare Sunny for his last two fights in this event.”

Sunny was competing for Queensland as he already holds the title of QLD/NSW interstate champion.

“His first opponent, the referee stopped the fight in the 3rd round,” said Scott.

“His second opponent was the favourite from Tasmania and Sunny won that fight to go through for the gold medal against the NSW champion.

“Andy (co-trainer) and I worked out a plan to beat him and Sunny did exactly what he was asked and never last control of the situation.

“He is now the Australian lightweight champion from lil ol Swan Bay.”

 

For more local news, click here.

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LISMORE MAYOR ELECTED NEW CHAIR OF REGIONAL CITIES NSW

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LISMORE MAYOR ELECTED NEW CHAIR OF REGIONAL CITIES NSW

Regional Cities New South Wales (RCNSW) has elected a new Chair and Deputy Chair for a two-year term.

Lismore City Council Mayor, Cr Steve Krieg was elected as Chair and Cr Russell Webb, Mayor of Tamworth Regional Council, was re-elected Deputy Chair at a board meeting in Sydney yesterday.

Steve Krieg

Steve Krieg the new Chair of NSW Regional Cities

The new leadership will lead the organisation post-NSW local government elections, which took place in September.

Cr Krieg said he was proud to lead Regional Cities New South Wales as it advocated for a fair share of investment and population growth to ensure regional cities continued to thrive.

“Regional Cities New South Wales is an important advocate for its members and has a proven track record as a valuable partner for the State Government,” Cr Krieg said.

“I am passionate about the work of Regional Cities NSW. Our members are a similar size and are facing similar issues. Together, we are stronger.

“We have much work to do as we are on the frontline of change in New South Wales. This includes growing populations, energy transition and climate impacts.

“Our cities are also highly liveable and we know regional living is on the minds of many Sydneysiders. We want our cities to retain their liveability as new residents continue to make the move.

“As chair, I will be a strong voice for our member cities as we meet these opportunities.”

Cr Webb retained his position as Deputy Chair.

“I’m very happy to be reappointed as Deputy Chair,” Cr Webb said. “It has been fantastic working with Mayors, General Managers and CEOs of Regional Cities New South Wales.”

“Cr Krieg will lead us in the right direction and I am looking forward to working in partnership as we continue to build our strong network of relationships in Macquarie Street,” Cr Webb said.

Cr Krieg also noted the work of Cr Mathew Dickerson, who stepped down as Chair after the New South Wales local government elections.

“Cr Dickerson has left a great legacy as I take the reins of Regional Cities NSW,” Cr Krieg said.

“Cr Dickerson has led us through the many challenges we have encountered over the past few years, particularly as our members faced natural disasters, housing availability and growing skills shortages.

“Regional cities have received key support in these areas due to his leadership and advocacy. There is still much to do, but the impacts in these areas have been meaningful for our communities,” Cr Krieg concluded.

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Detectives release CCTV appeal following ram raids and arsons of Northern NSW tobacconists

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Detectives release CCTV appeal following ram raids and arsons of Northern NSW tobacconists

PLEASE NOTE: CCTV vision of the ram raids vehicle of interest is available via Hightail – https://spaces.hightail.com/receive/RhBnymtkWg

© State of NSW (NSW Police Force). For editorial use only. No sublicensing of any NSW Police Force supplied image or footage allowed on a standalone basis without the express written consent of NSW Police Force. NSW Police Force attribution notice and logo to be retained on all copies of supplied images or footage with the moral rights to no false attribution and of integrity in all its images and footage asserted.

Financial Crime Squad detectives have released CCTV as they appeal for information following the ram raid and arson of two tobacconists in Northern NSW.

About 4.30am on Sunday 22 September 2024, police were called to a tobacconist on Minjungbal Drive, Tweed Heads South, following reports of a crash.

Officers attached to Tweed/Byron Police District arrived to find a Toyota Corolla sedan, believed to have been stolen from Queensland, driven into a tobacconist, before two unknown males entered the business destroying several displays and stealing large amounts of cigarettes.

A crime scene was established, and police commenced an investigation into the incident.

A month later, about 2.40am on Tuesday 22 October, police were called to the same tobacconist, following reports a car had driven into a neighbouring business.

Police arrived to find a MG SUV had driven into the store – as bollards had been placed in front of the tobacconist – before two unknown men poured fuel inside the business and fled without setting it alight.

A crime scene was established, and police commenced an investigation into the incident.

About 3.30am the next day (Wednesday 23 October 2024), emergency services were called to River Street in Ballina, following reports of a building fire.

On arrival, officers attached to Richmond Police District located a silver Mercedes sedan inside the shopfront of a tobacconist, well alight.

Police were told the sedan drove into the business before the vehicle caught fire, with the occupants of the vehicle leaving the scene prior to police arrival.

Fire and Rescue NSW attended and extinguished the blaze; however, the building was extensively damaged.

Surrounding units were evacuated and two other vehicles were damaged by the blaze.

No injuries have been reported as a result of the incident.

A crime scene has been established and an investigation into the incident has commenced.

Following initial investigations linking all three incidents, detectives attached to State Crime Command’s Financial Crime Squad’s Arson Unit commenced Strike Force Albany to investigate the incidents.

As part of investigations, strike force detectives have released CCTV of the two ram raids at the Tweed Heads South tobacconist.

Detectives are also hoping to speak to the driver and passengers of a dark coloured sedan seen leaving the scene of the second ram raid.

Anyone with information about any of the incidents are urged to contact police or Crime Stoppers on 1800 333 000.

Anyone with information that may assist investigators is urged to contact Crime Stoppers: 1800 333 000 or https://nsw.crimestoppers.com.au. Information is treated in strict confidence. The public is reminded not to report information via NSW Police social media pages.

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