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Local Market Update

By Eleanor Hopkins

The month of March was excellent and one of the most consistent by the whole company for a number of years. The overall marketplace is enjoying a very buoyant time with interest rates remaining at all-time lows and sales and auction activity remaining very high with clearance rates exceeding 70% for the whole month. The major factor that will determine the market this year I believe is unemployment. This month we once again saw some high profile companies announcing redundancies but overall the unemployment rates remained stagnant.

Locally the market is very busy with lots of activity with new developments and investors. We are seeing many buyers being cautious due to the stock levels and having a few options. This may expire very soon and buyers could have a lot more pressure in the coming months.

As mentioned we had a very consistent month, we completed more than a sale a day and had a very strong listing month with well over 40 listed, our best result in almost 12 months. We have had a number of stand out efforts this month along with the great team effort overall. Kattaya has settled in very well to the rental BDO role and had a great month. Marcia has also enjoyed another consistent month with close to a letting a day. The highlight for the rental department though has been the very low amount of losses for the month. This is a great indication of the hard work and dedication displayed by our hard working team of professionals.

In the sales department the Ringeri’s, as always, were very strong with 16 offers, 11 sales and 14 new listing for the month. Paul May had a great month with 10 new listings, while Chaminda was in awesome form with 7 listings and 6 sales. The highlight of the month though was without a doubt Peter Khamis who achieved 12 sales in the last 10 days of the month, with 10 of those coming in the last 6 days. This is an amazing effort and an office PB. The properties sold ranged from a block of land to a sale in excess of $1 million dollars.

March was also the month we were awarded the 13th placed real estate office for the country by Real Estate Business magazine. This is an independent award across every brand and is a great reflection of the hard work and team effort by everyone involved. It’s also a massive improvement from our 33rd placing last year and a great reward and reflection of our results over the last few years.

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