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Local Market Update

By Eleanor Hopkins

The month of September of course meant the battle of the AFL Grand Final and back to back victories by Hawthorn. Whilst the game was a little disappointing as a spectacle this was by no means the case for the Hawthorn supporters. The completion of the Grand Final is often the start of the true spring market and this year will be no exception, with it kicking off healthily and there is plenty of good media around about the positive aspects of a strong spring marketplace.

The sales department at Ray White Cranbourne has seen a very good start to Spring with strong buyer activity however low stock levels. This is creating a real shortage of available stock and forcing many buyers to compete against one another for the available properties. During the month we saw many examples of this with multiple offer situations and prices being achieved above vendor expectation. The team at Ray White Cranbourne achieved in excess of a sale a day for the month and had great results at the four auctions conducted during the month also. One property sold prior to the day with the remaining three all selling on the day at auction and with a combined total of over $100,000 above the reserve prices. We currently have a number of auctions booked for both October and November with hopes of achieving similar results. Overall it was a good consistent month by all members of the team but the stand out for the month was Chaminda with both strong sales and listing numbers.

The rental department set some new records for the month with a new PB for listings achieved by Kat. We are seeing high levels of available stock in the rental marketplace with tenants having plenty of choice and therefore price being so critical. Marcia and the property management team completed 40 lettings for the month from a total of 127 applications. This ratio of 1 in 3 just shows the high levels of expectations we have of our tenants to ensure we are looking after the best interests of our landlords. The team conducted a staggering 225 open homes in the month, once again a commitment to our landlords to ensure the highest level of service at all times. We had two clear examples of the difference in service offered at Ray White Cranbourne this month. Two separate properties had been with our competitors for a number of weeks and not let but when the landlords employed the services of our team they were both let to high quality tenants within the first week. Overall in the marketplace Ray White Cranbourne were able to let 40% of all properties let in the month for the areas of Cranbourne and Clyde North. In addition to that we let 33% of all properties let in the Lyndhurst area also. The average rent increase for the month was $8.15 across our properties that were due for renewal and this is such an important part of our service to our landlords, well done team.

In general news for the office we congratulated Iresha and Chaminda of the safe arrival of a baby boy this month, and we also congratulate Emma and Jordan on their Bali wedding and honeymoon, and the pending arrival of a new sister or brother for Mya. The month ahead we welcome Breanna Hall to our property management team and we are also on the lookout for the newest members to our team. We are looking for junior members for both our property management and sales team at the moment so if you know of someone looking to get into the real estate field please ask them to email their details and a resume to mark.guthrie@raywhite.com

We have a busy month ahead and exciting times and we wish everyone all the best for the month ahead.

Until next month

Cheers
Mark

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