October 2023 Newsletter
HEY NEIGHBOUR!
Spring is well and truly here! Although, this week it doesn't really feel like it. Hopefully, the weather improves again but we were certainly very lucky during Grand Final week. It pains me to say it, but congratulations to Collingwood and their fans. Whilst it wasn't the result we wanted against Brisbane, we're very proud of the Blues. It was an amazing turnaround and hopefully they can win it next year!
It's always strange at the end of the footy season though, will need to find new activities for the weekend. Luckily, there's plenty happening in Melbourne, some of which you can read about below.
There is also plenty happening around the world too. We feel for all of those impacted by the conflict in Israel/Palestine, where it has intensified dramatically this week. We send our thoughts and love to anyone who has family or connections that might be struggling. The economic issues globally continue to intrigue everyone. Closer to home, we also have The Voice referendum this weekend, which has become an incredibly divisive topic.
Interest rates remained unchanged this month, in Michelle Bullock's first month in charge of the RBA. I'm sure that's a relief to many as we have petrol prices getting to over $2 per litre! It will be very interesting to watch what unfolds as we head into the Christmas trading period which is normally the busiest time of year for retailers.
There's lots happening and if you have any ideas or thoughts about what you would like us to cover, please let us know.
Carmela and The Neighbourhood team!
MARKET INSIGHTS
We strive to stay up to date on the latest market trends. Here are a few articles we think are worth reading.
- Housing shortage remains top industry concern - Property Council
There is a lot of discussion about the housing crisis, focused on the housing shortage in Australia. Here is the Property Council of Australia's view. We have also provided an interesting read last month from Alan Greenstein on Livewire explaining why he thinks the market will be resilient in the long run: The big squeeze: why Australia is facing a persistent housing shortage - Alan Greenstein | Livewire (livewiremarkets.com)
- Why residential property will outperform for years to come - Craig Schloeffel | Livewire (livewiremarkets.com)
Here is another great read from Craig Shloeffel on Livewire. Craig's quite bullish on the long-term prospects for the property sector.
- Expect more pain in stocks and commercial real estate (afr.com)
Over to commercial markets and the story is generally quite different at the moment. There is no shortage of stories about office buildings having their valuations dropped. Chris Joye (one of our favs) outlines why he anticipates more pain in the sector in this article.
- Vacancy rates reach new record lows despite rental growth easing | CoreLogic Australia
Back to residential, where we are seeing rental growth slowing across Australia. CoreLogic outlines how despite worsening affordability which has eased the pace of rental growth, we are still seeing vacancy fall. - Preliminary clearance rates inch higher as capital city auction activity returns to trend | CoreLogic Australia
We've also seen an increase in auctions and clearance rates recently, which is returning auction activity 'to trend' as highlighted in this CoreLogic read.
COMMUNITY BULLETIN BOARD
What's new in your neighbourhood? These are a few recent updates that are happening in some of our local communities.
- The Melbourne Fringe Festival is currently running until 22nd October. Always great to find some creative inspiration: What's On | Melbourne Fringe
- The Italian Film Festival is on at Palace Cinemas. This is a personal favourite every year: ST. ALi Italian Film Festival 2023 | Presented by Palace
- Melbourne Fashion Week starts soon and will run 23 - 29 October for those who might be interested: Stay and Play | Melbourne Fashion Week 2023
- Melbourne Dog Lovers Festival is on this weekend (13 - 15 October): Tickets - Melbourne Dog Lovers Festival 2023 (lup.com.au)
- The Europa Night Market is also happening at Queen Vic Market, bring your favourite European street eats to us all: Europa Night Market - Queen Victoria Market (qvm.com.au)
CAUGHT OUR ATTENTION
Here are a few things that members of our team have stumbled across over the month. Whether thought-provoking, interesting or entertaining, we want to share them with you.
- We're huge fans of David Beckham (maybe because all of my sons loved Soccer). We're loving the Beckham documentary currently on Netflix: Watch Beckham | Netflix Official Site
- Fascinating! Mark Zuckerberg does the first podcast in the Metaverse with Lex Fridman. Scary but cool, but mostly scary: Mark Zuckerberg: First Interview in the Metaverse | Lex Fridman Podcast #398 - Bing video
