Connect with us
Byron Bay News and Weather copy
Mt Warning News and Weather copy
Kyogle News
Grafton News and Events copy
Byron Bay News and Weather copy
Mt Warning News and Weather copy
Kyogle News
Grafton News and Events copy
previous arrow
next arrow

Local News

Analysts Predict Cooling in House Price Growth Amid Interest Rate Uncertainties

Published

on

NSW-Northern-Rivers-Breaking-News
Advertisements
NOTICE OF MEMBERS EXTRAORINDARY LAND DEALING MEETING

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.

Advertisements
Tenterfield-The Bowlo

Lismore News

Terania Street Reopening to Light Vehicles Only

Published

on

By

NSW-Northern-Rivers-Breaking-News
Advertisements
NOTICE OF MEMBERS EXTRAORINDARY LAND DEALING MEETING

Terania Street Reopening to Light Vehicles Only

 

After a closure lasting over four months, Terania Street in Lismore is set to reopen to light vehicles starting from late Friday 21 June, pending favourable weather conditions. This reopening follows the implementation of traffic calming measures aimed at preventing further damage to the rail-over-road bridge caused by oversized vehicles.

  • Traffic Calming Measures:
    • New measures include speed humps, a reduced speed limit of 25 km/h, restricted lane width, traffic islands, and surveillance cameras. These are designed specifically to slow down light vehicles and restrict heavy vehicles (over 4.5 tonnes) from using Terania Street near the rail bridge.
  • Purpose of Measures:
    • The installation aims to prevent future damage to the bridge, which necessitated its closure between Tweed and Peate streets since February 7.
  • Community Impact and Appreciation:
    • Transport for NSW, through Director Region North Anna Zycki, expressed gratitude to residents and businesses for their patience during the closure period. They continue to work towards a permanent solution for the bridge’s sustainability.
  • Heavy Vehicle Detour:
    • Heavy vehicles are advised to use a detour via Wilson Street, Elliott Road, and Ballina Road until further notice. Residents needing access to or from Peate Street should detour via Pine, Crane, and Tweed streets.
  • Heritage Council Approval:
    • Transport for NSW has received approval from the NSW Heritage Council to remove the Terania Street rail-over-road bridge. They are currently addressing the consent conditions and will inform the community about the commencement of this work.
  • Compliance and Safety:
    • New signage, including ‘No right turn’ signs at Peate Street, has been installed to guide vehicles and ensure compliance with the new traffic conditions.

For ongoing updates and details, residents and road users are encouraged to stay informed through Transport for NSW communications channels.

This reopening marks a significant step in restoring normal traffic flow while safeguarding the historic bridge structure from further damage caused by inappropriate vehicle use.

 

For more local Lismore news, click here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

Local News

Social Housing Waitlist Surges in Northern NSW – Urgent State Budget Action Needed

Published

on

By

NSW-Northern-Rivers-Breaking-News
Advertisements
NOTICE OF MEMBERS EXTRAORINDARY LAND DEALING MEETING

Social Housing Waitlist Surges in Northern NSW – Urgent State Budget Action Needed

 

Analysis by the Community Housing Industry Association NSW (CHIA NSW) has revealed a significant increase in the number of people seeking priority social housing in the Northern NSW region. The priority housing list is designated for those at imminent risk of homelessness, highlighting the severity of the housing crisis.

Priority Housing Increase by Region:

  • Ballina: 190%
  • Casino: 165%
  • Tweed Heads: 142%
  • Grafton: 132%
  • Byron Bay: 129%
  • Mullumbimby: 118%
  • Lower Clarence: 108%
  • Lismore: 107%

CHIA NSW CEO, Mark Degotardi, emphasized the dire shortage of available homes in the Northern NSW region. “Many people are languishing for more than a decade in some suburbs and regions. Over 58,000 families and individuals are waiting for housing across NSW. This is why we need significant funding in the upcoming State Budget to start addressing the housing crisis,” Mr. Degotardi stated.

Mr. Degotardi underscored the readiness of the not-for-profit community housing industry to collaborate with all levels of government to deliver housing solutions for vulnerable people. “Community housing providers have projects that are ready to roll but need the funding to get them started,” he said.

The upcoming state budget on June 18 is crucial for the Minns Government to demonstrate its commitment to resolving the housing crisis. “A housing crisis needs a crisis response. The time for incremental reform and small budget allocations is over,” Mr. Degotardi asserted.

The escalating need for priority social housing across Northern NSW underscores the urgent requirement for substantial government intervention and funding to provide immediate and effective housing solutions.

 

For more local news, click here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

Glen Innes News

Glen Innes Severn Council Celebrates Success at New South Wales Local Government Awards

Published

on

By

Glen Innes Severn Council Celebrates Success at New South Wales Local Government Awards
Advertisements
NOTICE OF MEMBERS EXTRAORINDARY LAND DEALING MEETING

Glen Innes Severn Council Celebrates Success at New South Wales Local Government Awards

 

Glen Innes Severn Council celebrated a remarkable evening at the New South Wales Local Government Awards in Sydney on Friday, June 7, securing multiple accolades in recognition of their outstanding contributions to the local government sector.

Rural Management Challenge Triumph

The Council’s Rural Management Challenge (RMC) team, known as the ‘Highlanders,’ emerged as state winners, triumphing over 24 other councils. The team, comprised of Rhonda Bombell (Coordinator of Economic Development and Tourism), David Hunt (Manager of Assets), Shageer Mohammed (Chief Financial Officer), and Anthony Kamphorst (Manager of Infrastructure Delivery), initially won the regional heat in Bellingen in November 2023, advancing to the state final in Sydney in February 2024.

The RMC final challenged the Highlanders with complex scenarios that simulated real-world situations, testing their strategic thinking, decision-making skills, and knowledge of rural management practices. Their exceptional performance demonstrated a profound understanding of the challenges faced by rural communities, securing their victory as state champions.

Asset and Infrastructure Award

Adding to the evening’s success, Glen Innes Severn Council received the Asset and Infrastructure Award for the construction of the Yarrow Creek Bridge on Mount Mitchell Road. This award highlighted the Council’s innovative approach to upskilling staff, enabling them to complete intricate projects internally and reduce dependency on external contractors. Glen Innes Severn was among eight councils nominated for this prestigious award.

Leadership and Community Impact

Mayor Rob Banham expressed immense pride in the Council’s achievements, stating, “Council’s success at the LG Awards night is a clear indication of the hard work within Glen Innes Severn Council. Winning two prestigious awards motivates us to continue striving for excellence in all aspects of our operations.”

General Manager Bernard Smith, who attended the LG Awards night, also lauded the Council’s accomplishments: “We are incredibly proud of our staff’s achievements. The Rural Management Challenge award highlights the Highlanders’ strategic thinking and leadership capabilities, while the Award for Asset and Infrastructure reflects our Infrastructure Delivery Team’s ongoing efforts to enhance and maintain our community’s essential services.”

Celebrating Collective Achievements

The Glen Innes Severn Council extends its congratulations to all winners and nominees, celebrating the collective achievements that strengthen the vitality of local government in NSW. This recognition underscores the Council’s commitment to excellence and its dedication to improving the community through innovative practices and effective leadership.

By securing these awards, Glen Innes Severn Council not only showcases its capabilities but also sets a benchmark for other councils in New South Wales, inspiring continued growth and development within the local government sector.

 

For more Glen Innes News, click here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

NRTimes Online

Advertisement

National News Australia

Latest News

Verified by MonsterInsights