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Local Market Update

By Eleanor Hopkins

May is often seen as a quiet month in real estate as the cold months set in after the final autumn spree. This year we have been blessed with fine weather, a very buoyant real estate market and activity in the office at levels never seen before. Even the releasing of one of the toughest budgets in living history couldn’t quell the activity as both the sale and property management departments enjoyed busy months.

The rental department had a “blinder” with previous records smashed for both lettings and new business. The team completed over 40 lettings for the month which was a new record and smashed the previous best of 33. The team was also integrating new software during the month to streamline the booking of appointments and making it easier for tenants. The system although new this month has definitely shown great results and will allow the team to further reduce days on market and make the viewing of properties even easier for tenants. We look forward to further refining the systems and assisting more tenants in the months to come.

Rental demand was steady throughout the month and available properties in the 3977 postcode remained constant at around 200 properties. We have seen this number peak around 250 when a number of the new estates were completing the first stages of building but recent months have seen less stock available. This is having a two pronged effect, firstly tenants are having reasonable options when deciding whether to remain in their current property or move into a new property. This is especially important to consider as a landlord also with determining what, if any, rent increase should be affected. Secondly we are seeing an increase in tenant numbers attending open homes, which is allowing us in many cases to present more than one application to the landlord to choose from. This is also allowing us to provide better tenant options to landlords.

Our new rental listing numbers were also a record number and this is a reflection of the high level of service being offering by the team. A good number of these opportunities came from referrals from either existing landlords, current landlords adding to their portfolios or leads from the sales team.

Overall it was a great team effort by all in the department. We also welcomed Bina to the team this month and she has very quickly and efficiently slipped into the role and provided a great level of service to our landlords.

The sales department also enjoyed a very solid month achieving in excess of a sale and a listing a day once again. The auction clearance rate in Melbourne remained over 70% despite a massive increase in the numbers of auctions for the month. This confidence flowed into the Cranbourne marketplace with good offer and sales numbers. The tough budget seemed to have little effect on the local market at this stage. The stand outs this month for sales activity were Denis with 7 and Kate with 6
and the Ringeri team once again were consistent with 8 for the month. We saw a tightening of the market with new stock again this month, the main shortage appearing in the $300,000 to $400,000 bracket for homes with 2 bathrooms and 2 living areas. We still have plenty of stock selling in the sub $300,000 range for the smaller and older homes. The stand outs for listing numbers for the month were Chaminda, Kate and as always the Ringeri team. We are still seeing good interest from
investors in the marketplace and this doesn’t look to change too much in the coming months.

With the end of the financial year approaching we expect a flurry of activity in the coming month.

Until next month,
Mark Guthrie

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