Local Market Update February 2016

The month of February is done and dusted and the market is still hot and full of activity and is showing no signs of slowing down at this stage.

The rental department had a blinder setting a new record of 50 lettings for the month, an amazing effort. This has resulted in our stock levels returning to more standard levels. This has been replicated in the overall marketplace too with a reduction of available stock. On the back of reduced stock the property managers also had a focus on arrears again and we saw some fantastic results with low numbers. The team was very busy this month with 365 inspections conducted for the month, 1774 tenants inspected properties and the team processed 506 applications, all record numbers for the month. Our new business team also had a consistent month with many of our new listings coming from current landlords buying and bringing on board their new properties as well as current landlord recommending their friends and families to us too. This is the best sign that we are doing a lot right and it’s appreciated. During the month we also had Alex join our leasing team with Abbey and she settled in well very quickly.

The sales department also remained busy with the sales market also showing no signs of slowing down at this stage. Days on market remained low, a good number of properties were sold over expectations and almost half of the properties sold were done so with multiple offers showing plenty of competition. Sales numbers were just under one per day for the month with over $13 million in value with team Ringeri being the standout for the month. Listing numbers for the month were very strong with Kate listing 10 for the month alone and strong listing numbers from Paul and Chaminda as always.

Overall the market remains very strong and should continue the same way for the upcoming months.

Until next month