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I started last months newsletter with the words Thank God it’s February! Well this month we will kick it off with Thank God for February! It is very interesting to see how much one interest rate reduction can impact a market. The latest rate drop in February finally had the desired effect and buyers re-entered the market.
I guess all of the clues where there in last months newsletter as we mentioned that prices were starting to look very good, lower rates and higher rents were making property affordable again, stock availability was good and enquiries were up. Well this month we finally started selling again which is a very nice feeling after a long drought.
The other good sign was that there were investors out again as well as owner occupiers because the investors have been very note able for their absence over the last 18 months. The higher price brackets are still very soft but hopefully we have seen the start of a turnaround in the market.
They are not quite all gone but there is a very open feeling as you drive along past the mostly missing Coolum Esplanade shops. A lot of clear space is appearing behind the temporary fencing as we approach the end of the first month of Coolum’s reinvention. It hasn’t been all smooth sailing as the temporary construction fencing blocks pedestrian access along the Esplanade. Anyone wanting to go from South to North has to cross over to the Surf Club side of the road and then cross back over at the pedestrian lights. This has not been ideal however after much discussion all agreed that it is something that we will just have to live with until the end of the year. Lots of activity going on with the roadwork’s down Pacific Paradise way. As long as all goes to plan, the new Pacific Paradise bypass should be open for business by the end of March.
This has long been predicted to be the trigger that changes the patterns and perceptions of the new Maroochy North Shore. We would hope that that should be the least we get for spending the best part of $100,000,000. Developer Stocklands held their public information day with regards to their proposal for the Twin Waters West precinct. By all reports they still have a long way to go before they convince the locals that their plans are worthwhile. We had the very good fortune to be invited to the opening night of the Corbould Park night races at Caloundra this month.
I don’t get to go to the races very often but I can tell you without any doubt that the Coast now has a new major attraction to put on your “Must Do” list. The venue and the atmosphere of night racing was simply sensational. Don’t you love politics and elections. The day after the state election was called, the deputy premier just happens to announce that Marcoola is now on the short list for a desalination plant and Kawana is not. Amazing because Kawana is a marginal seat that they are going all out to buy and Marcoola is in a LNP stronghold. It is just disgraceful what these guys think that they can get away with.
It seems irrelevant that the water is needed to supply development on the north side of Brisbane and the southern end of the Coast. They have already blown twelve billion dollars in emergency piping to take away the Coasts water in the past 2 years so what does another two hundred million dollars matter to put a desalination plant in where it isn’t needed. I wouldn’t mind if I could look after my tax money for a while because I definitely don’t like how these blokes are spending it.