CLANCY OVERELL | Editor | CONTACT
In a relief for Australian property investors, house prices have recorded their third consecutive month of rises since hitting the floor in May.
This comes as the weekend’s sales show the biggest monthly rebound in two and a half years, led by a strong recovery in the capital cities, which are the only markets that the media or politicians care about.
Despite the fact that prices remain 6.8pc below the peak of October 2017, today’s news is a huge relief for several property investors and prominent Quiet Australians, Shannon and Neville Ohldcodger (both 65), from Betoota Grove.
“Phewww” says says Shannon, a stay-at-home empty-nester mother of three adults kids that now run her husband’s plastic cable casing manufacturing company whose operations have been based entirely out of Taiwan since 1995.
“It was looking like we weren’t going to get exactly what we wanted, and what our generation has convinced ourselves that we are owed”
Neville is also happy with the result, and is glad that he and his wife can now relax at Noosa for 16 weeks of the year knowing that the several investment properties they purchased for 10% of their current value in 1999, are still relatively safe.
“We nearly had to take things into our own hands” says Neville.
“There’s a live music venue a few blocks away that is known for hosting big Friday nights… That was gonna be next on the chopping block”
Neville points out that while he’s all for small businesses, as is the Liberal voter way, nothing is going to get between him and his nest egg, or nest eggs.
“If the market didn’t correct itself, it was gonna be a matter of us sitting on the phone calling the cops as many times as we could each weekend to file noise complaints, like we did with the last one”
“Either that or the public housing block near the shopping centre was gonna have to be relocated out west [haha]”
“I play golf with some of the local councillors and let me just say, they have the exact same concerns as we do when it comes to their investments”
The rebound continues to be led by Sydney and Melbourne, with Canberra, Betoota and Brisbane the only other capitals making smaller gains in September.
MORE TO COME.