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Local Market Update

By Eleanor Hopkins

The month of August has seen plenty of activity overall, with the majority taking place in the final week. The start of the month was rather slow as the political scene sorted itself out and the true Melbourne winter took bite, in comparison the end of the month couldn’t have been more hectic as activity in both sales and rentals took off.

The rental department saw a few changes with Jackson McCarthy joining us in the Leasing Officer role and Tara Smeaton joining us to work in a portfolio with Kim Drew. The property management team did a great job to work well together and assist each other and achieve a fantastic result with more than a letting a day. We still have a healthy list of available rental properties for quality tenants which will give us a great start for September. We also had a busy month of new landlords engaging our services. It’s always pleasing to have landlords wanting a better level of service and identifying our business for that.

The sales department had a slowish start to the month but finished with an absolute rush in the final days as we saw some sunny weather and the promise of spring. Our listing numbers were very strong with well in excess of 40 properties listed for the month and sales activity was great overall with in excess of a sale a day for the month also. This month was a real team effort with everyone in the team providing an even spread of activity.

The spring market is upon us now and the market is showing clear signs of being very busy for the rest of the year. In the Cranbourne marketplace overall the amount of homes for sale is quite low and this is putting pressure on buyers once the right home comes onto the market. Many of the new listings this month won’t be available for a few weeks as final clean ups are being done, but once available will create plenty of interest from buyers. The election is over and done with in the first week of September, interest rates are very low and potentially will come down again before the end of the year and auction clearance rates are hovering around boom time levels. Add to this the improving weather and we have a great combination for a busy finish to the year.

For those teams that made the finals we wish their supporters all the best for the final run home.

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