Local Market Update

Welcome to our August monthly market update, now that the month has finished and we have entered the official spring market, traditionally things start to warm up and get busier. We are starting to see a shortage of stock which is fairly common at this time of the year and could lead to increased competition in the coming months until stock levels catch up again. Spring, and more commonly, the first week after the Grand Final is generally when we start to see more stock come to the market. For those looking to beat the rush September is always a great time. An added incentive for first home buyers is the further 10% reduction in stamp duty from the 1st September, which will no doubt encourage more buyers into the marketplace too.

August saw us list a property a day for the month with strong months by Chaminda and Team Ringeri and solid months by both Thomas and Paul May. We are seeing a definite shortage of stock in the mid to high $300,000’s. Our sales numbers were again just below one per day for the second month running. We sold just under $10,000,000 of stock for the month with an average sale price around $400,000. It was interesting to note that just under 20% of our sales were above the asking price. A constant theme is that the well-priced, well presented, and well promoted properties are getting the great results.

Our rental department is never quiet these days and August was no exception. The team was able to let more than a property per day for the month. We had close to 100 applications for the month but our strict application process meant only about one third were considered the right mix for us and our landlords. Our average rental amount for the month was $355 which is slightly higher than last month and the same time last year. We are seeing lots of new business coming our way at the moment and similar to the sales department expect stock levels to increase in the coming months.

It was announced this month that Carlene and Michael of “The Block” will be represented by Ray White for their upcoming auction. This is a great result for the Ray White group and shows the profile and coverage of the network.

Last but definitely not least August saw the team at Ray White Cranbourne winning even more awards at the Annual Ray White Awards. The team had a clean sweep with the Property Management and Sales departments winning the Number one office for the Zone and Team Ringeri and Chaminda winning first and second place agents for the zone respectively. In the state based results Chaminda achieved his best result ever with 20th place and Team Ringeri came in at a sensational 5th place state-wide. Great results for everyone concerned.

Until next month
CEO Mark Guthrie