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Local Market Update

By Eleanor Hopkins

The month of July saw plenty of snow not only in the snowfields but also at lower lying spots as Melbourne froze its way through a cold, wet and windy month, the real estate market was best described as warm but not hot during this time. The continual problem of supply exceeding demand was the major factor in the local marketplace and this is something that won’t change in the area for quite some time.

A major focus for the office this month was our ten year anniversary and annual retreat. This year’s event was conducted in the Yarra Valley with plenty of fun activities and the theme “A celebration of 10 years”. The whole team enjoyed two days out of the office with the highlight being the awards ceremony for the 2013/14 financial year. The award winners were as follows:

Excellence in property management: Kim Drew and Conchita Jasmy

Achievement in Growth award: Peter Khamis

Salesperson of the year: Team Ringeri

Director’s award: Chaminda Gunasekara

Recognition of 10 years’ service: Kate Rushton

Well done to all the award winners who are enjoying a combination of travel vouchers and store vouchers as reward for winning.

We saw plenty of activity in the marketplace from people doing homework with over 4000 hits to our Ray White Cranbourne website alone in the month of July. This is only the second time we have exceeded 4000 hits and is a good indication many are doing their research from the office or home online beforehand. It also reinforces the need to have the best photos, the best description and the sharpest price on the advertising to entice the buyers or tenants to take the next step and view your property at an open home or private viewing before attending others.

Our rental department were busy with a record number of rental increases for the month. The average increase across the portfolios was $8.44 per week. As highlighted last month this is an often neglected area for some companies and can be very costly for some landlords. This increase equates to almost $440 per year. It’s common for some landlords to be attracted to a low management fee but then miss out on more income when the agent doesn’t do their job properly. Lettings were strong for the month with just under one a day, with the most activity being in Clyde North where Ray White Cranbourne was responsible for 50% of the properties leased. We conducted 224 opens, with 429 attendees, received 113 applications and completed 30 lettings. As you can see more applications were rejected than accepted maintaining our high standard of tenants.

The month saw the major banks lowering their long term interest rates which are a good sign for the overall marketplace. Our listing numbers were consistent for the month and time of the year at one per day but sales numbers were just under the one per day mark. There were a number of offers taken during the month that weren’t accepted as buyers tried to secure their new home. Strong months were enjoyed in both listings and sales by Chaminda and Team Ringeri, Kate had a steady month once again and Thomas had a good finish to the month.

We are working hard at the moment in preparation for the upcoming spring market and look forward to the warmer weather and increased activity.

Until next month,
Mark Guthrie

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