Local Market Update

April was an interesting month with plenty of breaks due to both the Easter and the Anzac Day holiday. The breaks might have provided a distraction but the results by the team at Ray White Cranbourne didn’t indicate it at all. All departments performed well and many KPI’s were smashed.

The overall Melbourne market is still remaining strong with auction clearance rates hovering around the 70% range with interest rates remaining low and stable. Overall the sales activity is a little lighter but that is expected at this time of the year. The Cranbourne market however is still very busy with plenty of interest from first home buyers and also around new stock. We are definitely seeing a tightening of stock in the market with less new stock coming to the market. We are also seeing a drop in days on market. This is great for vendors and we have seen a good number of multiple offer situations this last month. The stand out example of this was Paul May and the sale of 38 Gipps Cres Cranbourne North. The property was sold $25,000 above the asking price in one day as a result of great negotiating and three interested parties making offers. Well done Mr May.

The sales department once again managed a sale and a listing per day and competed close to $14 million of sales value for the month. The stand out performances for the month were Denis Hennequin with a very strong listing month and the ever consistent Ringeri team with strong sales numbers. Overall it was a very consistent month once again.

The rental department were very hard at work this month with such a short work month but still achieved some amazing results. Lettings numbers were still close to one a day for the month. We are still seeing great numbers of attendees at our open homes and plenty of applications. Our rental team is still rejecting a large number of applications due to them not being of the quality we expect; we only want the best for our landlords. The winners of this month’s property management award were Maree and Brooke. Well done ladies for another great effort and result.

The market ahead will be an interesting one and one that will be dominated and effected by the budgets both state and nationally. Of course interest rates will also be a determining factor for the months ahead.

Until next month
CEO Mark Guthrie