Local Market Update

June kicked off with the Reserve Bank again lowering interest rates, and developers heavily promoting the conclusion of the “first buyers boost”.  Many even offered fire-sale style promotions to encourage buyers to sign on in the closing days.

Traditionally the quietest month for property sales, June held consistent with previous years, but sales were down on our record-breaking month of May.

Cycling into a buyers market, purchasers continued to bargain hard, but as per previous reports, those properties that were well priced and presented, with vendors willing to meet the market, continued to sell quickly and in several instances with multiple offers above vendor expectations.

The importance of relationship building, strong communication channels and choosing the most proactive agent, with their finger on the pulse of the market, was highlighted during the month, with several of our properties sold before officially hitting the market.

As a buyer, and with listing numbers down, it is imperative you register your interest with an active agent who will scout the market on your behalf to ensure you have every change to buy your dream home. Some vendors prefer to utilize below-the-line marketing avenues prior to launching a full scale sales campaign. The best and most trusted agents often know when a property isapproaching the market and are best positioned to match buyers and vendors
before properties even hit the net.

The rental department had a busy month of open homes and lettings, with a number of high quality tenants matched with quality stock.  We let one property per day for the month, for the second consecutive month.  We’ve retained good stock levels and expect another busy month in July with the school holiday period allowing more time for some to view properties.

As reported across mass media, many property experts are predicting we are at the bottom of the market right now. This is very difficult to assess, and it’s often unhelpful to make generalisations and compare very different markets as a whole. We really won’t know until after the fact, so our philosophy at Ray White Cranbourne remains that we will work harder for every buyer, seller, tenant and landlord, regardless of market speculation, and we look forward to a warmer and busier Spring.

In June we welcomed two new personal assistants to the sales team.   Adrian Orleanski and Shanae McMillan are both new to real estate and will forge their careers in this exciting industry under the auspices of experienced leaders, Matty Dewan and Paul May respectively.  The entire team at Ray White Cranbourne wishes them every success.

Until next month.

Cheers

Mark Guthrie – Director
Ray White Cranbourne

0404 001 347