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Local Market Update

By Eleanor Hopkins

Another month has come and gone and the results at Ray White Cranbourne continue to remain very strong. The month of May can traditionally be a slower month in real estate terms as the shorter days and colder weather take effect for the first time and many people go into hibernation.

Media activity regarding the marketplace has continued to be very strong, with auction clearance rates being a talking point. The overall Melbourne clearance rates have been hovering around the 70% mark while Sydney has been closer to 80%. Many experts are now talking about a strong finish to the year and the market is gaining momentum.

The axing of the first home buyers grant for established homes was also a big talking point during the month. This takes effect from the 1st July. This will be replaced by the increase to first home buyers grant for newly built homes. This is the government’s way of stimulating the building industry. This will be good for the Casey marketplace but will put even more pressure on the established homes competing against these new homes. For those first home buyers wanting to buy established now is the time to make the move, and we are expecting a busy June with these buyers in particular.

The office had another strong listing month in May despite the overall number of new listings in the marketplace for the month being lower than usual. The stand out for the month with double figure listing numbers was the Ringeri team. Their consistency throughout this year has been quite amazing and their strong work ethic is showing through in the results achieved. As always Paul and his team are figuring quite prominently in the annual Ray White award rankings. Sales numbers were also very strong with well in excess of a sale a day being achieved. Once again the Ringeri team were the standouts here with 12 sales for the month, a very well rounded result indeed. Kate had a very strong month with good sales numbers and consistent listing numbers too. Paul May also backed up his standout month last month with a good selling month.

The rental department had a very productive month with low arrears and low days on market for available properties. We are seeing a shortage of quality homes for rent at the moment and our rental list of available properties is the lowest it has been for a long time. There are some good quality tenants in the market at the moment. We have also seen a large number of rent increases with current tenancies. This was definitely not the case six months ago but the shortage of properties has led to a change in the supply and demand balance. We expect this trend to continue for the rest of this year. The timing is right for potential investors to step into the marketplace and buy a property. With interest rates available below 5% and strong demand from quality tenants, and property prices still relatively low now is the time to take advantage of it.

From an office point of view the month was busy with anniversaries and birthdays this month too. It is so satisfying to see so many members of our team racking up years of service and in some cases many many years. Watching them grow and develop as real estate agents as well as people is very rewarding from my point of view. We are always looking for the next new team member so if you think you have the right characteristics to be the best in the business contact us today.

Until next month.
Mark Guthrie – CEO

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