Local Market Update

November Holds Steady for VIC 3977

Historically, November is a strong performing month for Ray White Cranbourne and 2012 proved no exception.

The real estate fraternity collectively held its breath from November 1^st, waiting to see if prices were increasing and looking for the signs of a strengthening marketplace.  Early indicators were positive, but overall it was a consistent month with figures in-line with the previous two months.

The Cranbourne marketplace is still dealing with an over supply of stock and this is unlikely to change significantly in the foreseeable future.  Figures posted by the Ray White Cranbourne rental department painted a clear picture of the situation.

The team had a frantic listing month, made up of a combination of new properties completed and offered to market for the first time, as well as landlords moving from other agencies to the more effective Ray White model.

Our figures indicate that properties available for rent in the 3977 postcode peaked at close to 250 mid-month.  This of course placed pressure on days on market, prices and overall supply.

The Ray White rental list peaked at 42 properties, setting a new record for the year.  In this marketplace, landlords need to be conscious of pricing their property correctly from day one.  Even though the market was tough, we still rejected a number of applications due to them not meeting our exacting standards.

Sales output remained consistently high, with 31 sales for the month and 30 listings. Our sales numbers were up on the same time last year, but our listings were down.  (November 2011 saw an office PB for listings).

November has been a significant month for real estate in Cranbourne for two major reasons.

Firstly, we picked up an unusually high number of investment properties for sale, previously listed with other agents.  Furthermore, we also listed a number of Ray White managed investment properties for sale.  I believe many investors have decided that now is the time to cash up and reinvest.

Secondly, the large number of requests for submissions for mortgagee work was a significant stand out observation for the month.  These came from both solicitors and mortgagee companies.  Fortunately we were able to assist all parties and achieve some strong outcomes for the vendors.

The Christmas break will soon be upon us, but the team will have a busy finish to the year, and one that will be well rewarded over the Christmas break.

Mark Guthrie – CEO
Ray White Cranbourne
0404 001 347