Local Market Update

The end of the year is fast approaching and another month has flown by.

Real estate seems to be the hot topic in the newspapers and other media outlets as the state partakes in record levels of activity. The “Super Saturday” of auctions was a true test of the market during the month with approximately 1674 auctions being conducted on one Saturday with a clearance rate of over 75%. This is very encouraging to all involved and also those observing that the market is showing great strength and consistency. We are still enjoying record low interest rates and this combined with low unemployment ensures the signs are good for a prolonged and healthy increase in activity and prices in the months to come.

Our sales department continued on from their record breaking results of last month with some more great results. One of the highlights of the month was the auction conducted by the Ringeri team for a past client in Rowville. The auction produced 5 bidders that took the sale price $130,000 over the reserve, which was a good sign of the strong market. The month was consistent with more than a sale and a listing per day of the month. Listing numbers slightly out weighted the sales numbers but only marginally and after last month’s result of more sales than listings we are starting to see a shortage of new properties available. This continues to assist vendors who can take advantage of the situation to achieve higher prices than previously expected.

The stand out performers for the month were Kate Rushton with a strong listing month on the back of two very consistent and active selling months, the Ringeri team who deserve congratulations for achieving another PB in sales results. The team are very well placed in the top 10 of the Ray White network again and Paul’s 3 rd. place of 2012 could well be matched again with a strong finish to the year. Other notable efforts were achieved by Chaminda & Malcolm who both achieved great results of both sales and listings. Peter and Denis made a good number of sales as usual; overall it was a very consistent and well balanced team effort this month with everyone contributing.

We had a number of new additions to our team particularly in the property management department to keep up with the growth in the portfolio. Both Sian and Shai joined the team and had to hit the ground running to keep up the increased activity. We also formalized the input of Maree Gladstone and her impact in the team by promoting her to Senior Property Manager. Maree will remain involved in her portfolio but also have more involvement in the day to day running of the department. Well done Maree and thank you for all your efforts. Demand remains high for quality and well-presented homes in the Casey area, with many families trying to secure a home this month to ensure the right zoning for schools for next year. This is becoming a real focus point for many tenants and is a worthwhile consideration for landlords when deciding on the right investment property for their portfolio. Our team achieved very close to a letting a day and have good homes available for the right tenants for next month too.

It’s not long to the end of the year now but the team at Ray White Cranbourne are continuing at the frantic pace we have all year until the last minute. If you want to take advantage of the strong demand in the market please contact any of our team to receive the best real estate advice in the Casey area.