Local Market Update June 2016

The winter market place is as hot as ever, with no signs of any major changes on the horizon despite the hype of the federal election which after much unrest and unknown, saw the existing government remain in place and minimal effect to the active real estate market.
I have recently returned from Britain and the marketplace there is going through a major upheaval with the decision to leave the UE. This has had both immediate and long term effects, many still unknown and waiting to pan out, but none so far in a positive way. The major political parties as a result are going through change and all this is causing a major disruption to the market. Luckily we are not seeing the same here.

The sales team enjoyed another very good month with more than a sale a day and sales in excess of $14.5 million during the month. We saw another month of more sales than listings which is indicative of the tight marketplace. Many sellers have traditionally waited to the spring market to put their homes on the market when the weather is better. We strongly recommend listing now with less competition and enjoy the record prices being achieved. As always the consistent team of Paul Ringeri had a good month with both listings and sales. Thomas achieved a PB for the month with sales with strong listing results by Brandon and also Victor showing promising signs also.

The rental department were very busy again with 45 lettings achieved for the month from a massive 476 applications received and processed during the month. Our new business section was a little quieter than the last few months but still positive with the end of financial year having an influence. Interestingly our lease renewals and rent increases were at very high levels. This means we have many happy landlords at this time of the year with more income and more security of lease. The team also conducted a record number of 182 routines inspections for the month. This is an often forgotten component of property management but such a vital part at the same time.

The month also saw some long term anniversaries for our team with Conchita clocking up 5 years with the team and Matt Ringeri amassing 8 years in our sales department. These two are vital members of our team and have had massive impacts in the business over these years and we thank them very much for all their contributions, and of course look forward to many more years ahead in the business.

The end of financial year has been completed and we expect a strong second half of the year based upon all KPI’s and market indicators. Our new managers Russell and Megan are settling in well and posting some great results so far. We expect the same in the future months too.

Until next month