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Local Market Update

ByEleanor Hopkins

With the first month of the year already behind us, we have experienced some hot weather along with the real estate market heating up as well for 2014. After a slow start to the month the activity has definitely fired up and the month ended with some very good signs for the year ahead.

The sales department was lead in January by Malcolm Whiston who had a strong listing month as well as good numbers by Kate and the ever reliable Ringeri Team. The stand outs for sales activity were both Chaminda and Thomas in the first month of the new year.

I have been asked many times over the Christmas break what the year ahead has in stall for us with regard to real estate and I believe we have many positive signs. The overall real estate market will be determined by a few factors. One of the most important will be interest rates and my belief is that they will remain at very low levels similar to what we are seeing at the moment, but may rise towards the end of the year. Whilst the rise won’t be much it will most likely be determined by the Australian dollar and the government’s desire to assist exporting by Australian businesses. The second major factor will be confidence both in business and buyers. If the current confidence remains we will see buyer demand continue to exceed supply of property and this will create ideal situations for owners throughout this year.

One of the biggest influences I believe will be a low unemployment rate. If this remains low it will combine with confidence for buyers to take advantage of the current prices and buy. The Cranbourne market is different again mainly due to its distance from the Melbourne CBD and the vast supply of homes and land. Whilst new estates continue to be developed and new building continues at the current rates, the supply exceeds demand. If the above factors remain in place this should turn around during the year and I would expect to see rising prices as a result.

The rental department experienced one of the busiest January’s on record with good numbers attending open homes, plenty of applications and a letting a day for the month. Once again the new properties attracted lots of interest but price was very important. A property that hits the market $10 too high can sit around for a few weeks however those priced well and presented well are attracting plenty of interest and in most cases the landlord has a number of applications to choose from.

The team at Ray White look forward to a busy and productive year ahead and wish you all the best too.

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