Local Market Update

Welcome to our first report for 2013 and what we believe will be a positive year ahead. The Christmas break was a great opportunity to rest and relax and enjoy the benefits of the warm weather and our team came back in early January will a desire to break all of last years records and ensure we had even more happy clients than last year.

The month started off with plenty of sales activity and increased enquiry levels. The stamp duty reductions for first home buyers being increased for sales from the 1st of January stimulated great numbers of attendees at open homes early in the month but didn’t always result in sales. As the month settled down and buyers got a better feel for the market we started to see sales numbers increase and the month finished with a flourish as well priced properties were snapped up by the educated buyers. Listing numbers followed a similar trend with a predicted slowish start but picked up pace as the month progressed and reached fever pitch as the month concluded and many people were either back at work or the kids had returned to school.

The rental market was more consistent and even busier with constant numbers at open homes throughout the month and lettings at record levels for January. Quality homes were snapped up in all price levels and the days on market plummeted as many quality tenants found properties. The combination of quality and well priced properties and a desire by many tenants to move in before the school year started produced high levels of enquiries. Our stock levels were also boosted by near record levels of new homes coming onto our books. A combination of time off to complete small improvements for investors and new properties being completed provided many new properties to the market.

Overall confidence levels in the marketplace were high for the start of the year. The combination of stamp duty reductions for first home buyers, record low interest rates, and new year resolutions combined for a busy start to the year and a year we expect to remain very busy.

Cheers, Mark

Mark Guthrie – CEO
Ray White Cranbourne
0404 001 347