Property Of The Week: 2 Lithgow Street, Abbotsford, VIC
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Property Of The Week: 2 Lithgow Street, Abbotsford, VIC

An alluring trifecta of superb positioning, style and space.

By Kanebridge News
Wed, Sep 22, 2021 11:54amGrey Clock < 1 min

A desirable combination of space, style and sought-after suburb – this townhouse in Melbourne’s Abbotsford is sure to appeal to families looking for city-edge living.

Featuring 3-bedrooms, 2-bathrooms, 2-car parking the two-storey townhouse boasts multiple living zones including a tranquil lounge, light-filled open plan living and dining area and retreat or study.

In the heart of the home is the electric blue entertainer’s kitchen. While it can’t be missed it comes with sleek stone countertops and stainless steel appliances and flows out to the living zones and rear courtyard with alfresco dining area.

The upper level sees the accommodation with the master suite – complete with walk-in-robe, ensuite and private balcony – as well as the two other spacious bedrooms complete with built-in-robes bathroom and bright living area.

Outside the courtyard arrives with a contemporary deck and aforementioned alfresco dining space with synthetic grass for care-free entertaining.

Nearby to North Richmond Railway Station and the CBD minutes away by tram, the Abbotsford location boasts cafes, bars and Yarra walks for an enviable lifestyle.

The listing is with Allan Cove of Biggin & Scott, priced at $1,495,000; bigginscott.com.au

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Mortgage holders should brace themselves for more pain as the Reserve Bank of Australia board prepares to meet this afternoon for the first time this year.

Most economists and the major banks are predicting a rise of 25 basis points will be announced, although the Commonwealth Bank suggested yesterday that the RBA may take the unusual step of a 40 basis point rise to bring the interest rate up to a more conventional 3.5 percent. This could present the RBA with the chance to put further rate rises on hold for the next few months as it assesses the impact of tightening monetary policy on the economy.

The decision by the RBA board to make consecutive rate rises since April last year is an attempt to wrestle inflation down to a more manageable 3 or 4 percent. The Australian Bureau of Statistics reports that the inflation rate rose to 7.8 percent over the 2022 December quarter, the highest it has been since 1990, reflected in higher prices for food, fuel and construction.

Higher interest rates have coincided with falling home values, which Ray White chief economist Nerida Conisbee says are down 6.1 percent in capital cities since peaking in March 2022. The pain has been greatest in Sydney, where prices have dropped 10.8 percent since February last year. Melbourne and Canberra recorded similar, albeit smaller falls, while capitals like Adelaide, which saw property prices fall 1.8 percent, are less affected.

Although prices may continue to decline, Ms Conisbee (below) said there are signs the pace is slowing and that inflation has peaked.

“December inflation came in at 7.8 per cent with construction, travel and electricity costs being the biggest drivers. It is likely that we are now at peak,” Ms Conisbee said. 

“Many of the drivers of high prices are starting to be resolved. Shipping costs are now down almost 90 per cent from their October 2021 peak (as measured by the Baltic Dry Index), while crude oil prices have almost halved from March 2022. China is back open and international migration has started up again. 

“Even construction costs look like they are close to plateau. Importantly, US inflation has pulled back from its peak of 9.1 per cent in June to 6.5 per cent in December, with many of the drivers of inflation in this country similar to Australia.”

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