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Local Market Update

ByEleanor Hopkins

The year of 2015 has started with a bang and the team at Ray White Cranbourne are in full swing and looking forward to a busy and very productive year. The signs are very positive with a number of factors
indicating 2015 will be very good year for real estate. The Australian dollar is dropping and whilst this is an issue for travellers and exporters it is good for foreign investors and buyers bringing in money from overseas, which represents a surprisingly large number of our buyers in the Casey area these days. This is also having a flow on effect for interest rates with the Reserve Bank expecting to reduce rates again in February which will be very welcomed by all buyers and should provide plenty of confidence across all markets. Rising unemployment is the only worrying issue at the moment but if it remains constant for the first quarter of the year its effect should be minimal.

The rental department have been extremely busy this year and from day one. Open home numbers have been at levels never seen before. There were 218 inspections conducted by our team in January alone with 272 applications received. We had 865 tenants inspect properties for the month and this resulted in 34 competed lettings for the month, a new PB for January. The year has started as we intend to continue with many applicants not accepted as tenants for our properties due to previously poor rental history. Our standards are set high to ensure only the best tenants occupy our properties and our landlords are well looked after. If you are looking for a strong property manager with a proven track record of results not excuses then give us a try.

The sales department was also extremely busy with the stand out for the month being Kate Rushton. Kate had great results in both sale and listing numbers with a January PB for both and the plenty still in the pipeline. It all sets up well for a busy and productive year ahead for Kate. Denis also enjoyed the results of his hard work with a great month of sales and plenty of activity. A large number of Denis’s sales were the result of multiple offers where the vendor was able to achieve higher than expected results and shows good marketing and sales techniques. Our January results were a good indication of the strength of the market and were better than last year in all respects.

Overall the market is very tight at the moment for quality stock. This is something we expect to continue for the first quarter of the year at least. Open home numbers are showing the quality of stock with great attendance numbers and multiple offers / applications on many well-presented and well-priced properties, yet a property in the same street in some cases that is not well priced or presented is getting very little attention. Its vital owners talk to our qualified and experienced team about how to position your property in the market from day one to achieve the best result.

Until next month,
Mark Guthrie

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