February Market Update
The New Year has started with many “so called” property experts flooding the media with their predictions for 2012.
I’m advising everyone in the Casey property sector; industry professionals and consumers alike, to stay focused on the reality of what is actually happening in our local market. Let’s stick to the facts and not get swept up in what “might” happen with unstable European financial markets and the potential flow-through effects to the global economy.
Our focus should remain on Australia’s top three market forces; interest rates, employment and inflation, and more specifically, on Casey’s greatest challenge for the first quarter which is stock levels and basic supply and demand.
At the end of January, Ray White Cranbourne had secured its highest ever stock levels covering a diverse mix of existing and new homes, large estate developments and a significant quantity of land. Through our strong marketing and cohesive team approach, this mix also includes some stagnant stock that other agents have proved unsuccessful in selling.
Demand for land and house/land packages has slowed substantially so competition between developers is fierce. One developer is even offering a free car with every house/land package sold.
January has again seen records broken by the Ray White sales force with seven year highs smashed on our open home numbers and an exceptional average of one home selling every day. We have also just been announced as the number ONE office for the month of January for Ray White Victoria and Tasmania! The team SOLD in excess of $10 Million of property in January alone.
Listings were also strong in January with a large percentage coming to us from the failings of our competition. Other agents who have in previous months been promising over inflated prices and not backing their vendors up with action and customer service are now paying the price.
Buyers currently in the market are well researched and astute so price is paramount. The old mantra still holds true – well priced stock is selling. Properties perceived by an educated market as being “top heavy” or overpriced are getting little to no action.
Rentals activity is still high and I’d like to take this opportunity to introduce our new Leasing Officer, Bridget Speek, a newly created role. Bridget’s sole focus is tenant applications and securing leases. She is already proving an asset to the team and has contributed to strong January figures compared with previous years.
Rentals are in strong demand and we are keen to add additional new, four bedroom, two bathroom properties to our portfolio to meet this market demand.
The year has started with a bang and we anticipate another strong year as Cranbourne’s market leader. A vacancy exists for an experienced sales agent to meet the growth in our market share. If you have an interest in finding out more please contact me.
Cheers until next month
Mark Guthrie – CEO
Ray White Cranbourne
0404 001 347