Local Market Update

Whilst the year of 2013 is in the final stages of winding down, the exact opposite can be said for the level of activity at Ray White real estate. There was plenty of media attention in the month of November with plenty of auctions conducted in the Victorian marketplace and a clearance rate hovering around 75%. The overall Australian economy is showing good strength and retail is showing early signs of a great activity over the Christmas period. Interest rates are also remaining low and all these factors combined indicate without a doubt, that we are headed for a continuing period of growth in real estate.

The Casey marketplace is also showing good signs with the sales team achieving over a sale a day for November. Our strong performers for the month were Matt Ringeri with a PB for sales and offers and Malcolm, Kate and Chaminda also completed strong sales months. For the second month in a row we sold more than we listed with listings numbering slightly less than one a day. The stand out listers were Paul May and Paul Ringeri. The month of November has once again been one our most
consistent with every member of our team contributing to another excellent month.

November also saw a good number of multiple offers on properties with 3 properties selling above the asking price due to our unique multiple offer situations and negotiating. We had one couple miss out on 2 properties due to higher offer, but wish them all the best with third time lucky and another of our properties. With Christmas approaching and some owners deciding to wait until the New Year to put their property on the market, combined with two months in a row of more sales than listings we are expecting a shortage of stock to sell in December. This combined with a number of quality buyers in the marketplace wanting to secure a property before Christmas means we will achieve some great prices in the next month. My recommendation is that if you are looking to sell and are waiting till the New Year that now might be the time to list and achieve a great result due to the shortage of good homes available.

Our rental team were again very busy with a strong demand for family homes by many quality and qualified tenants. We are seeing a number of the building companies completing their homes prior to Christmas and this is providing a number of new homes to the market. These new, never been lived in properties, are always in high demand. The four bedrooms homes with 2 living areas are the most sought after and also those homes with low maintenance gardens. We are also seeing good interest levels in the higher priced properties especially those above the $450 per week mark.

Overall the market is very strong at the moment and we expect that to continue for most of the month. There will be a slow down around the Christmas and Boxing days but our team are available over the break and our office will only be closed on the main days. I take this opportunity to thank everyone for their continued support of our company throughout the year to all the happy clients and for the hard work that our team puts in everyday to ensure we provide the highest level of service and results in the area.

I hope you have a merry and safe Christmas and we look forward to being of assistance again next year.