Local Market Update May 2016

The team at Ray White Cranbourne have had another massive month in May, setting new PB’s and conducting lots of both new and established business for the final month of spring.

This month’s real estate market has had plenty of outside influences and factors affecting it. The first of these is the looming Federal Election in early July. There has been a major focus by the Labor Party to change the negative gearing rules in the future and this will have a major effect on the investment plans of many Australians. The end of financial year is also not far away and this has much interest for existing landlords. If you have any maintenance you are considering our advice is to complete and pay for it before the end of the financial year to allow you to claim the deductions back early in the new financial year. The banking sector as always has an effect on our market and there is talk of another interest rate drop in August of anything between half and a quarter percent. There has also been major changes in lending policies for all the major banks around overseas investors. This will of course have a major effect on the market both short term and long term.

The rental department were as usual very busy with consistent stock levels and plenty of new stock coming onto the market. This is creating plenty of competition in the marketplace. Our numbers for the month of May were impressive with 2343 enquiries, 231 inspections, 1107 tenants inspecting our properties, 357 applications and 34 properties let in the month of May alone. If you are a landlord in the marketplace and looking for activity on your investment property the team at Ray White Cranbourne are able to help.

The sales department set a new PB for the month on the back of a very busy first quarter for the year of 2016. Over 70 offers were taken with over 40 properties sold during the May period and over $17 million of stock sold. With these numbers it’s common for our vendors to be receiving multiple offers on their properties and having choice and at the same time ensuring they are getting the very best price. The entire sales team were very consistent with some solid results from the newer team members and the stand out for the month was Brandon with great results and as always team Ringeri was very strong. Listing numbers remained tight and we know if we had more stock available it would result in even more sales. Russell Muir our new sales manager has settled in well and the team are all working well together.

Until next month