17 Iluka Road Mosman
Fantastic result this Saturday at auction – stunning brand new Clifton Gardens home sold!!
We have buyers seeking luxury homes in the Lower North Shore – give us a call today to discuss what this could mean for you 02 9968 1700.
See 17 Iluka Road photos at on Facebook: www.facebook.com/joshuawygoda
Luxury freestanding townhome – Low maintenance designer living
This captivating freestanding townhome in esteemed Waterfall Estate address takes full advantage of the natural topography and tranquil wooded surrounds. Spread over three levels in a peaceful and very private location, this sizeable title is an architectural triumph of light and space with state-of-the-art inclusions and only the highest quality finishes.
3 Bed 4 Bath 2 Carpark
FIRST INSPECTION THIS SATURDAY 12-12.45PM
Contact: Joshua Wygoda 0414 666 190
Statement by Glenn Stevens, Governor, Reserve Bank of Australia
At its meeting today, the Board decided to raise the cash rate by 25 basis points to 4.0 per cent, effective 3 March 2010.
The global economy is growing, and world GDP is expected to rise at close to trend pace in 2010 and 2011. The expansion is still hesitant in the major countries, due to the continuing legacy of the financial crisis, resulting in ongoing excess capacity. In Asia, where financial sectors are not impaired, growth has continued to be quite strong. The authorities in some countries are now seeking to reduce the degree of stimulus to their economies.
Global financial markets are functioning much better than they were a year ago and the extraordinary support from governments and central banks is gradually being wound back. Credit conditions remain difficult in some major countries as banks continue to face loan losses associated with the period of economic weakness. Concerns regarding some sovereigns remain elevated.
In Australia, economic conditions in 2009 were stronger than expected, after a mild downturn a year ago. The rate of unemployment appears to have peaked at a much lower level than earlier expected. Labour market data and a range of business surveys suggest growth in the economy may have already been at or close to trend for a few months. There are some signs that the process of business sector de-leveraging is moderating, with the pace of decline in business credit lessening and indications that lenders are starting to become more willing to lend to some borrowers. Investment in the resources sector is very strong. Credit for housing has been expanding at a solid pace, and dwelling prices have risen significantly over the past year. New loan approvals for housing have moderated a little over recent months, however, as interest rates have risen and the impact of large grants to first-home buyers has tailed off.
Inflation has, as expected, declined in underlying terms from its peak in 2008, helped by the fall in commodity prices at the end of 2008, a noticeable slowing in private-sector labour costs during 2009, the rise in the exchange rate and the earlier period of slower growth in demand. CPI inflation has risen somewhat recently as temporary factors that had been holding it to unusually low rates are now abating. Inflation is expected to be consistent with the target in 2010.
With the risk of serious economic contraction in Australia having passed, the Board moved late last year to lessen the degree of monetary stimulus that had been put in place when the outlook appeared to be much weaker. Lenders generally raised rates a little more than the cash rate and most loan rates rose by close to a percentage point.
Interest rates to most borrowers nonetheless remain lower than average. The Board judges that with growth likely to be close to trend and inflation close to target over the coming year, it is appropriate for interest rates to be closer to average. Today’s decision is a further step in that process.
SOLD UNDER THE HAMMER
Saturday’s auction at 148 Cowles Road was a fantastic success!
Give us a ring for more information 02 9968 1700
An interesting global perspective: Today’s SMH reported that Australia’s housing market was a strong performer in 2009 with its 11.2% annual price growth ranked fourth-best in the world, out of 34 countries where data are available.
Here’s how we compare with a sample of other countries:
| Country | % Annual Price Growth 2009 |
| Hong Kong | + 20.8% |
| Australia | + 11.2% |
| Britain | + 3.3% |
| United States | - 2.4% |
| Ireland | - 11% |
| Dubai, UAE | - 43.2% |
| Latvia | - 50.2% |
We are certainly privileged to have had such a strong and rapid recovery. Give us a call to find out how much more your home is worth today.
All the best,
Emily Jessee
Century 21 Mosman
02 9968 1700
JUST SOLD!! 2/814 Military Road, Mosman
By Joshua Wygoda – 0414 666 190
Buyers can expect respite from continuously rising interest rates. After 3 months of consecutive rate rises late last year, the Reserve Bank of Australia no longer sees the need for a rate rise at each meeting. The minutes of the RBA February meeting reveal that because there had been three consecutive cash rate increases in the late part of 2009, monetary conditions were deemed to no longer be “exceptionally accommodative” although it was determined that interest rates were still “somewhat below average.” The Board did not regard that the outlook required an increase at every meeting, and the removal of government stimulus afforded the Board the flexibility to wait for more information on how the Australian economy responds to the three successive interest rate rises at the end of 2010. Future movements of interest rates are going to be dependent on key indicators the Reserve Bank monitors when contemplating interest rates: Inflation, labour markets, housing prices, retail spending, levels of consumer and business confidence and global and domestic economic conditions.
So if you have been thinking about buying, it’s a great time to get on the market. And if you are considering selling, call us today to find out what this could mean for you,
All the best,
Joshua Wygoda
Century 21 – Mosman
02 9968 1700
Source: RP Data
