Local Market Update

The new year has seen a great improvement in buyer confidence and
February has seen a dramatic increase in activity at Ray White
Cranbourne. The combination of low interest rates, stable prices and a
relative shortage of quality stock combined with the positive media
outlook has provided the perfect environment for activity in February.

The Ray White Cranbourne team managed to maintain over a sale a day
and actually improved on last years February sales numbers by 10%. The
sales numbers were matched by listing numbers with 35 for the month.
It was interesting to note that a number of properties were sold under
a multiple offer situation. Even more interesting was that some of
these were properties that has previously been with other agents and
not sold. We saw a good spread of buyers from first home buyers to
investors and also second and third home buyers. No one category was
over represented.

The month of February also saw a number of properties sold within the
first week. This is a good indication of a well priced property and
good work of the agent in matching the right buyer with the right
property. Paul May and his team listed very well during the month and
the ever reliable Ringeri team put in another strong month with
listings.

Property management followed up their very strong start to the year
with another solid month of activity. The rental market showed a
slight tightening up of stock and a decrease in available properties.
As per usual the quality homes generated very good interest and were
let very quickly to high quality tenants. Consistent with last year,
newer homes were in more demand and many open homes had massive
numbers attend and multiply applications put to the landlords.

Overall February was a great month for the team at Ray White
Cranbourne and was topped off with recognition in the Real Estate
magazine of being the 35th best sales office in Australia for all
brands. This was a fantastic award and well deserved to all the team
for the extra effort and attention to detail that is part of their
everyday lives.

The renewed confidence of buyers in the market and the positive
reporting of it by the media will be an important component to the
revival of the market, and one that we all look forward to.

Until next month

Cheers
Mark Guthrie – CEO Ray White Cranbourne