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9th October 2008
Welcome to the Latest News from Elders Real Estate Cleveland!
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The Reserve Bank slashes its benchmark interest rate by 100 basis points to 6 per cent. The Reserve Bank has stunned financial markets by announcing a full-percentage point cut - double what analysts had tipped - saying financial markets had taken a "significant turn for the worse.' Australia's official lending rate was lowered for a second consecutive month, although it is unclear how much of the 100 basis-point cut will be passed on to mortgage-holders and other borrowers as banks struggle to raise funds in overseas money markets. The Reserve Bank cut its key cash rate from 7% to 6%, double the 50 basis-point cut expected by markets. The move follows a 25 basis-point cut by the RBA in September, lowering the lending rate from a 12-year high. The RBA said the Australian economy now faced the prospect of slowing growth, while inflation would also subside. 'The recent deterioration in prospects for global growth, together with much more difficult market conditions even for creditworthy borrowers, now present the risk that demand and output could be significantly weaker than earlier expected,' Reserve Bank governor Glenn Stevens said in an accompanying statement. 'Should that occur, inflation would most likely fall faster than earlier forecast.' "Overall, my guess remains that the RBA's cash rate is on the way from 7% to 6% to 5% and towards 4%," said Rory Robertson, Macquarie interest-rate strategist, before the RBA announcement. "The RBA seems likely to cut its cash rate all the way back to 4.25% within two years.' One reason for the steep cuts to come is that clogged credit markets overseas mean that only some of the RBA's rate reductions are likely to be passed on by commercial banks, Mr Robertson said. Commercial banks announced cuts to their variable home loan rates within minutes of last month's RBA rate move, but the signals this month have suggested consumers and business borrowers are likely to receive only part of today's rate and possibly not for some days. Prime Minister Kevin Rudd and Treasurer Wayne Swan have both sought to head off some of the criticism of the banks from any delayed rate cuts on their part, saying it is important the country's banks remain as strong as possible during a period of extreme market turmoil that has already claimed some of the largest US and European banks. Opposition Leader Malcolm Turnbull, however, says that the banks remain highly profitable in a market of shrinking competition and can afford to follow the RBA's rate cuts. Just prior to today's RBA decision, the benchmark S&P/ASX200 share index was down about 0.5% at 4519 points, clawing back a drop of as much as 3.3% earlier in the day. Overnight, European and US markets plunged on worries that the global economy with wither. The initial response was for stocks to jump about 2%, to trade 1.4% higher for the day. The Australian dollar, which has plunged more than 10 US cents in the past couple of trading days, was recently at 70.37 US cents, down from 71.97 just prior to the RBA's shock move. source:domain.com.au
Swim4Kids is on again Swim4Kids” was developed with the idea of helping the kids of the Royal Children’s Hospital. It is a 100 km “tag team” swim from Seaworld on the Gold Coast to the Breakfast Creek Hotel in Brisbane. The swim begins on Thursday 16th October and will reach the Breakfast Creek Hotel on the morning of Sunday 19th October. Swimmers will complete a 1 km leg and hand over to the next swimmer. Each swimmer actively raises funds by getting people to sponsor their leg and all proceeds of the Swim4Kids event goes to the Royal Children’s Hospital. The Swim leg for Elders Cleveland will be completed by 12 year old Emily Bennett, she is looking very forward to participating and raising money for such a worthwhile cause! Click here to support Emily and help the Royal Childrens Hospital Foundation
The Reserve Bank has handed you a huge opportunity. And I mean - at a conservative estimate - tens of thousands of dollars huge. There were months of media speculation about whether the commercial banks would pass on a Reserve Bank rate cut. When it came, they virtually fell over themselves to do so. Assuming yours delivered the full 25 basis points, your required repayments will soon drop by about $17 a month for each $100,000 you have borrowed, or $43 for each $250,000. With cost pressures seeming to grow by the day, that's welcome news. It gets better, though. The cut takes the Infochoice benchmark variable rate (IBVR) - a weighted average rate that reflects the discounts people commonly receive on the quoted standard variable rate - from 9.3 per cent to 9.05 per cent. That means you will now pay almost $13,000 less in loan interest over the life of a $250,000 home loan, $25,818 less on a $500,000 loan and $38,726 less on a $750,000 one (25-year term). But here's where the enormous opportunity lies: if you can manage to leave your repayments at their current level, you will keep from the bank - and for yourself - far more. For example: * What is now a $43 overpayment on a $250,000 mortgage will save you $17,000 in loan interest. * What is now an $86 overpayment on a $500,000 mortgage will save you nearly $35,000. * And what is now a $129 overpayment on a $750,000 mortgage will save you just under $52,000. In all three cases you will also repay your loan a whole year early. Bear in mind, too, that this is the effect of maintaining your repayments when there has been just one rate cut. Some economists are predicting more like four in the next year in a bid to stimulate economic growth and buffer Australia from the global credit crisis. How would a full 1 per cent fall change the figures? If the IBVR moved from 9.3 to 8.3 but you held your repayments steady, you would save $49,408 in interest on a $250,000 loan, $98,305 on a $500,000 loan and $147,773 on a $750,000 loan. source : domain.com.au
Property Market Results Defy Doom & Gloom Merchants The national end of month property indices report released by RP Data & Rismark International confirms that the supply and demand imbalance currently being experienced in the Australian property market has placed a floor under housing prices, resulting in minimal value falls. The number of new properties listed for sale last week increased, after the significant drop witnessed during the previous week. Last week saw just over 10,800 new listings which still sits well below the 12 month average. It will be interesting to see how the turmoil on the world financial markets over the last week impacts on listings during the coming week.
Manly thump Storm 40-0 in grand final
Manly has laid claim to the greatest grand final triumph of all time as they thumped reigning NRL premiers and arch-nemesis Melbourne 40-0 at ANZ Stadium. The win avenged their 2007 loss and sent veteran forward Steve Menzies out a winner in the sweetest moment of his career. The Sea Eagles produced their best display of the season at the best possible time, returning the premiership trophy to Sydney's northern beaches for the first time since 1996 - a triumph Menzies also played a part in. But as he bowed out of the NRL with a record equalling 349th appearance, Menzies said the win took the cake. "I think it has got to surpass it. I've always said that is my greatest moment, winning a premiership, and to do it in my final season and the way we did it tonight it is definitely better," he said. "I didn't dream it would be a day like that and the score would be like that, it is unbelievable." The winning margin eclipsed Eastern Suburbs' 38-0 win over St George in 1975 as the biggest in a decider, with a tired Melbourne - who delivered their worst display of 2008 - the first side since Cronulla in the 1978 replay to be held scoreless in a grand final. It was a thumping few could have predicted, given the Storm had the wood on the Sea Eagles with victories in their past three meetings, the turnaround leaving chief executive Grant Mayer shellshocked. "This has got to go down as one of the greatest grand final victories ever," Mayer said. "Nobody could have seen that coming." source: ninemsn.com.au Click here for all of the latest live sports scores and results!
Porsche Panamera Porsche upset many of its die hard followers when it launched the Cayenne SUV earlier in the decade, and already there is a chorus of disgust from the faithful regarding the German marque's latest vehicle, the Panamera. The all-new Porsche undergoing testing was recently spotted by KGP photographers with only minimal camouflage and these photos give us the first real insight into how the new model will look. Expected to compete against vehicles such as BMW's upcoming 8 Series, the Maserati Quattroporte, and Mercedes 4-door coupe, the CLS-Class, the Panamera will be powered by a front-mounted V8 engine likely to be derived from the Cayenne's 4.5-litre nat atmo and turbo mills. The Panamera has been spotted testing on various race tracks in Europe over the last few years, but for the most part it has been heavily disguised. These images show for the first time a clear picture of how the new model will look. It's got a long hood, and a strong and curvaceous shoulder line that starts at the headlights and ends at the brake lights - a clear sign of Porsche heritage - as is the lift-back rear end and rising rear window line. source: webwombat.com.au Welcome to Elders Real Estate Cleveland
The Elders Cleveland Difference Click here to learn about living in the fabulous Bayside Suburbs of Brisbane We have found that many people are being disappointed with properties new to the market being sold before they have a chance to make an enquiry! If you are considering a sale this coming Spring then may we suggest you get your preparations under way. You may need a confidential free apraisal; you may want to interview us to discuss the sales strategy; you may need advice on timing or how best to present your property for maximum returns. `Spring is here' and it's a great time to sell! If you are on the market and have not had the result you wanted or are considering putting your home on the market please give us a call. For no obligation advice please feel free to contact us by phone or email. Click here to contact one of our friendly team! - No Cost or Obligation. Or Click here to request an appraisal on line Be sure to check out our "Before Sale To Do List" if you are thinking of selling! Did you know you share your birthday with at least 9 million other people in the world. The average human eats 8 spiders in their lifetime at night. A snail can sleep for 3 years. Women blink nearly twice as much as men. The continents names all end with the same letter with which they start. A pound of potato chips cost two hundred times more than a pound of potatoes. Ingrown toenails are hereditary. Grapes explode when you put them in the microwave. 111,111,111 x 111,111,111 = 12,345,678,987,654,321 If you feed a seagull Alka-Seltzer, its stomach will explode. Dentists have recommended that a toothbrush be kept at least 6 feet away from a toilet to avoid airborne particles resulting from the flush. I keep my toothbrush in the living room now. Most dust particles in your house are made from dead skin. Your fingernail has the same ingredients as fly poop
We will value you, as well as your home
Who will win the 2008 NRL Premiership? Melbourne Storm 36% Auckland Warriors 36% Cronulla Sharks 7%
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Serves 8 INGREDIENTS 6 eggs, separated ¼ cup (55g) caster sugar 2 tablespoons cream 1 tablespoon plain flour 120g dark chocolate, melted 20g unsalted butter 120g raspberries sifted icing sugar, to dust ice-cream, to serve (optional) METHOD Preheat oven to 190C or 170C fan. In a large bowl, whisk together egg yolks, sugar, cream, flour and melted chocolate. Using an electric mixer, beat eggwhites until soft peaks form. Gently fold eggwhites into chocolate mixture with a spatula. Melt half of butter in a large ovenproof frying pan on low heat. Pour in half of egg mixture. Bake omelette for 3-6 minutes, until puffed and set. Slide omelette onto a warm serving plate and top with half of raspberries. Fold omelette in half and dust with icing sugar. Repeat with remaining ingredients, except ice-cream, to make another omelette. Cut omelettes into thick slices and serve immediately with vanilla ice-cream, if you like. source: recipefinder.com.au
This edition's Horoscope "Libra" The months ahead could see you giving in too much to other people and ignoring your own needs. Being firm will work in November, but not in December, when romance may require a more balanced approach. Keep your plans realistic, otherwise you’ll set yourself up for disappointment. The post New Year period may start on a very quiet note, but some dramatic changes should liven up the spring months. This is the time where you should reserve some time to focus on your future prospects and to plan ahead, because the midsummer planets may create a few minor ripples in terms of where you currently are. However, positive changes made in August should enable some good results in September!
Scott Bennett - Principal Scott has over 20 years full time sales experience, including 11 years in real estate and 12 years in information technology in both the Sydney and Brisbane markets.
For current median price statistics on each suburb in the Redlands area, simply click here and then select the suburb you are interested in to be taken directly to the RP Data website for the related information on that area!
When asked, we always tell people that the secret of success in real estate is quite simple – work for the best office in the best market area and your success is almost assured. Here at Elders Cleveland, we believe that we can offer the opportunity for the right people to achieve the highest rewards in the profession. Not that high achievement in real estate is by any means easy! Click here for more information
For most of us, our home will probably be the most valuable asset we will ever sell. So it’s important to obtain the maximum price the market is prepared to pay. Anyone can “Sell” your home, but at how many thousands of dollars less than what you should have obtained? Click here for Sellers Tips: - Visiting TV show host eats cane toad
An American travel and cuisine television program went on a toad bust with cane toad elimination group FrogWatch last week in the Northern Territory. FrogWatch assistant co-ordinator Erin Britton took Zimmern's lead in trying the legs, and said they tasted like chicken. source: news.com.au HEAVEN FOR KIDS...PARADISE FOR PARENTS
Paradise Resort Gold Coast (formerly The Mercure Resort, Surfers Paradise) We were told think Mercure and you think family fun, and that’s certainly evident the minute you stroll out to the poolside and leisure area of the Mercure Resort at Surfers Paradise. Everywhere you look, you’re greeted by the happy and relaxed faces of parents lounging by the pool and sipping cocktails, and children whooshing down the water slides and diving through fountains. Family fun? An abundance of it! The foyer bustles with families arranging theme park tickets and transfers at the Discovery desk, going to Sinbad’s restaurant, buying stuff from the shop. Families, families everywhere. It’s definitely not a destination for honeymooners. We were there strictly on business, well, at least I was, Jason, my other half, came along to watch me work. My job? To road test the latest addition to the resort, the Junior Bunkhouse Rooms for a couple of days. As soon as I saw the room, I fell in love with it. Junior Bunkhouse rooms are brightly decorated featuring underwater themes and a wonderful separate area for the kids which has bunks, a TV, Playstation and a chalkboard. DVDs and Playstation games can be borrowed from the Discovery Desk. There’s also a kitchenette with all the necessities making it perfect for when you want something simple. Nicole and Heath Brown and their two children were impressed with the separate kid’s area but even more delighted with kitchenette, aware that dining out every night with Mikayla, 7, and Sally, 22 months, was not always practical. Another family I met, the Popes, were simply told about the Junior Bunkhouse rooms and the rest, as they say, is history. Their priority was privacy and they were thrilled about the separate sections in the rooms giving themselves and the children their own space. Among the Mercure attractions are: source: holidayswithkids.com.au REDLANDS HELPFUL COMMUNITY INFORMATION
Located right on Brisbane's doorstep, the Redlands is one of Australia's most diverse holiday destinations. Fringed by Moreton Bay, the Redlands extends from Brisbane's outer suburbs to the white sandy beaches of North Stradbroke Island, where it meets the majestic South Pacific Ocean. The region includes the sub-tropical Coochiemudlo Island and the tranquil, secluded Bay Islands of Russell, Lamb, Macleay and Karragarra. Situated within an hour of Brisbane and the Gold Coast, the Redlands is easily accessible for day trips and longer stays. All roads lead to the Bay in the Redlands, passing through a diverse landscape that ranges from glistening beaches to mountain tops. It is a region steeped in history which offers plenty to see and do. Please click here for more details about living in the Bayside
FOUR young car thieves were no match for a Brisbane suburban grandmother when she confronted them armed only with a scrubbing brush and cleaning spray. Doreen Clarke, 65, of Doolandella in Brisbane's southwest, said "rage just took over" when she realised the youths were trying to steal her partner's car about 10am (AEST) on Monday, The Courier-Mail reported. source: news.com.au
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