Local Market Update January 2017

The start to 2017 has been a hectic one and one that started even faster and busier than we had expected. The team had a small break over the Christmas and New Year period but were back at it in early January and the year started with a bang. The sales department completed 36 sales for the month, with the stand out for the month being Hardeep with 8 sales alone. Kate and Chaminda also enjoyed very good months. Listing numbers were also very strong with more than one a day for the month. We are still seeing a massive shortage of properties in the current marketplace which has created a very strong market and one we don’t expect to change in the foreseeable future.

The rental market is in many ways at the opposite end of the market cycle with very high levels of stock currently available. We are currently running with the highest stock levels we have ever seen and this is providing tenants with many many options and choices and we are seeing properties becoming very price sensitive. In many cases a ten dollar per week reduction can make all the difference and ensure the property is let to high quality tenants rather than remaining empty. Some of this is due to the large amount of construction in the estates surrounding and the desire to have most of these completed before Christmas by builders. Our recommendation is to listen to our leasing and new management teams when considering your pricing structure to ensure the best quality tenant and in the quickest time possible. January saw Deborah join our leasing team and Catherine achieve a new PB in low arrears.  January also saw both our sales team and Paul Ringeri being recognised for outstanding service with nominations for the ratemyagent awards. The awards ceremony will be conducted in March and we look forward to the results.