Cash rate on hold

Bendigo Weekly | Bendigo Weekly | 09-Jul-2015

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AUCTION: 7 Larritt Street.
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THE Reserve Bank of Australia board did what was expected of it this week when it agreed to hold the official cash rate steady at two per cent.

Housing Industry Association chief economist Harley Dale said there will be speculation in coming months as to whether the easing rate cycle is over, or the RBA has another rate cut bullet or two it is prepared to fire, but this week’s announcement and accompanying statement does not change that situation.

“Regardless of whether the interest rate gun stays in the rack or not, the key is that super low borrowing costs are here to stay throughout 2015/16. That will help support housing activity at a time when there is scant evidence of strong momentum elsewhere in the domestic economy,” he said.

Dr Dale said new home building activity and its large positive impacts on wider activity continues to form the key impetus to Australia’s domestic economy, post the resources construction boom.

CR Martin has a stunning four-bedroom home at 7 Larritt Street, Bendigo to auction on Saturday from 11.30am. Just a few minutes walk from the CBD, the home features new carpets, ducted heating, two bathrooms, polished floorboards and beautiful ornate high ceilings. Freshly painted throughout, the weatherboard home offers city living at its best.

CR Martin also has a four-bedroom brick veneer home at 26 Athena Way, Strathfieldsaye up for auction from 1.30pm Saturday. With three living areas, ensuite, a ducted vacuum system, nine-foot ceilings, established low maintenance gardens set on a generous 1000-square metre allotment, the property offers an idyllic lifestyle in ever popular Strathfieldsaye.

Tweed Sutherland First National has a Quarry Hill gem to auction from 11am Saturday. The four-bedroom, two-bathroom solid brick residence at 28 Carpenter Street is within walking distance of the CBD, enjoys two-street access and is on approximately 925 square metres. With a formal entry, separate dining, large family room overlooking the rear gardens, bay and leadlight windows, high ceilings and a beautiful light filled atrium, the home has also enjoyed long family ownership in one of Bendigo’s most sought after locations.

TSFN also has a large 3.2-acre allotment at 48 Hopetoun Street, Bendigo scheduled for auction from 1pm Saturday. Just 850 metres from the CBD, the parcel of land is currently zoned Public Use and includes 11 Crown allotments, representing a great opportunity for development (STCA) close to the heart of the city.      

Meanwhile, Elders Bendigo reports a large crowd of up to 50 people were on hand last Saturday for the auction of a spectacular riverfront property, set on 8.6 hectares at 46 Axedale-Goornong Road, Axedale.

Spirited bidding from several interested parties keen to secure lifestyle property as their own helped secure a sale under the hammer, much to the delight of all parties.

A state-wide review into the Heritage Act 1995 has been launched to better protect Victoria’s state-significant buildings and objects. 

Planning Minister Richard Wynne has released a discussion paper as the first step in reviewing the 20-year-old Heritage Act. 

He said the review would identify ways to strengthen and simplify planning rules for heritage places. 

Victoria has led the country in heritage protection and the review will ensure the act is modernised and provides clarity, particularly in areas where there is development around heritage-listed places. 

Any changes around sites listed on the Victorian Heritage Register require a permit under the Heritage Act. Fee structures around permits, appeals and penalties will also be updated. 

Early conversations with key stakeholders have found solid support for amending the act to simplify the processes involved with Victoria’s historic assets. 

Public consultation on the review of the act will occur over the next two months.

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