Local Market Update

The month of September saw the start of the spring market and if this month is any indication we have a very busy finish to the year ahead.

The team showed what they are capable of with the sales department smashing their previous record of 43 sales in August 2011 with an amazing result of just under 50 sales for the month. It was a true team effort with everyone involved, including standout efforts from Team Ringeri, Kate Rushton and Denis Hennequin and Team May.

There were some awesome results in the listings for the month also with Malcolm Whiston setting a new personal best and very strong listings from both Denis Hennequin and Peter Khamis and Chaminda Gunasekara. The team are now pumped to continue the hard work they have put in over the last few months and continue the “sell fest” for the rest of the year.

The style of buyers was mixed with strong representations from second and third home buyers and also investors. We also received strong enquiries for land during the month. The one constant for this year was that most buyers are moving from out of area into the Cranbourne area.

The rental team also had a very productive month letting a property a day. The team have enjoyed this sort of consistency over the majority of this year and still have a good list of available lettings on the rental list today. Rents are remaining stable despite a good supply of new properties coming onto the market. Brand new properties are still commanding the highest level of interest. We are also seeing a strong trend of applications being knocked back by our team that are considered to be substandard. It’s becoming more apparent to tenants that they need to ensure their rental history is strong and reliable to ensure they get the next property they desire.

The Grand Final has now been run and won and the Federal Election is out of the way. Interest rates are still at the lowest levels in living history. The next two and a half months have virtually no interruptions and we expect the current high levels of interest to remain for the coming months.

An important aspect of any buying process is arranging finance and we are seeing such a vast difference on offer from the banks at the moment. Many non-traditional banks are offering exception deals and taking market share away for the major four banks. This is such a critical consideration when buying a property, be it for owner occupation or investment. Whether it be low interest rates, better gearing ratios or different lending criteria, these all can make a massive difference to your loan and chances of getting your loan approved. Why not give our Loan Market representative Josh Bartlett a call to make sure you have the best deal at the best rate for yourself.

Until next month – Mark Guthrie CEO Ray White Cranbourne