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Local Market Update

By Eleanor Hopkins

After a frantic winter quarter, September provided the team at Ray White Cranbourne with a small window of opportunity to reflect, breathe, and re-focus prior to the full onslaught of spring campaigning.  June through August were among the busiest ever recorded by the team with both sales and listings numbers at all time highs.

September, traditionally a quieter month, has tracked as predicted, with many vendors taking this time to prepare their homes for sale when spring fever hits.Unfortunately, this means buyers have to be patient, with older listings dominating the market and not as many fresh opportunities.

Sales results held steady with more than a listing a day, and close to a sale a day for the month – representing improved figures on September 2011.  Several land sales were secured, but we are still seeing stock availability far outweighing buyer demand.  Estates are still coming on line at a great rate of knots in Cranbourne East and West as well as in Clyde North and this plethora will continue to challenge all selling agents across the region.

On a positive note, we are seeing growing interest from investors, buoyed by further decreasing interest rates, and prices remaining steady.  Most activity is coming in the $300-350,000 price range.

Our rental department experienced a sporadic month with fresh new homes coming to the market attracting plenty of interest and good numbers attending open homes.  In stark contrast, older homes generated poor interest and were further affected by price pressures.  The start of the month saw a number of top end properties being let ($400 plus pw), the middle of the month flattened slightly, but then closed with the flurry.

At month’s close, our rental list looked fresh with plenty of new home offerings.  Additionally, many new homes are nearing completion and these will be offered to market in early October.  The school holidays have provided a great chance for tenants to view homes and our open home numbers have been strong.

We have booked the next Rent Event for Thursday 18th October.  This is a day solely dedicated to opening every rental property we have on our books.  It’s a great chance for landlords to have their property in the spotlight and a wonderful opportunity for tenants to see all the available properties in one day.  Our last Rent Event was a huge success and this one is already shaping up to be bigger and better.  Speak to our rental department about the details and how to get involved.

Until next month.

Cheers

Mark Guthrie
CEO – Ray White Cranbourne
0404 001 347

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