Today marks the 34th anniversary of Scott Banks Real Estate Group EST. 1988; on this day, I embarked on a journey as a business owner with 100% drive, 100% determination, 100% enthusiasm, and 0% business experience. I'd do it all again, no question about it! Thank you to everyone who has supported me over the years. Without every one of you, this journey would not have been as enjoyable, memorable and satisfying; xx.



Now onto the market, there are still some sunny breaks in a cloudy market, as reported in The Age recently: The Brighton house price record has been smashed after a stunning waterfront residence sold for at least $30 million. The five-bedroom home at 39 Seacombe Grove was listed with price hopes of $30 million to $33 million and traded within the price range. A link to the full article is below.



On the same subject, as recently reported by Domain Toorak is now: The home of Melbourne's highest sale ever. Interest rates have increased, but the records keep being set in Toorak. The most recent is the $80 million splashed by crypto success story Ed Craven on a knock-down mansion on St Georges Road, the boulevard of dreams. A link to the full article is below.



Onto the subject of interest rates, according to the Financial Review, yesterday: The Reserve Bank of Australia may not have to raise interest rates as high as expected after the October consumer price index showed inflation surprisingly slowed last month, though not enough to derail an expected cash rate rise next week. The monthly consumer price index rose at an annual pace of 6.9 per cent in October, down from a 7.3 per cent gain in the previous month, the Australian Bureau of Statistics said. The outcome missed forecasts of a hotter 7.6 per cent increase. The main drivers were a sharp slowdown in food inflation, as prices of fruits and vegetables nearly halved, and holiday travel. The trimmed mean – the Reserve Bank’s preferred measure of inflation – accelerated by 5.3 per cent on the annual measure from 5.4 per cent in September. HSBC chief economist Paul Bloxham said: “Today’s data suggest that inflationary pressure in Australia remains high, but had eased, and seems to be past its peak.”



Property stock levels have remained relatively low this spring season, with cashed-up buyers chasing fewer opportunities, holding quality property prices up in the hotly contested suburbs; I expect this to continue into the first quarter of 2023. I'm continually being approached by cash-up buyers looking for off-market opportunities. This is now a very long list, and growing daily! These buyers need help finding something suitable off-market as they can't find anything for sale on the market; 

Until next month, I trust all your news will be good news. Have a safe Christmas and a spectacular New Year! Yours in Real Estate, Scott Banks



#awesomethingsarestillhappeningatscottbanks