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November Market Update

By Mark Guthrie

November has been another record breaking month for the team at Ray White Cranbourne with our Rentals Department posting a “PB” with 32 lettings. We continue to receive strong rental enquiries and it’s promising to note good quality tenants in the marketplace.

Strong demand for large family homes offering multiple living zones and double car accommodation continued for the quarter.

Unlike many industry sectors who find the Christmas and New Year period very quite, the Cranbourne rental market is booming. With strong demand from investors and a plethora of new housing stock becoming available, we should see consistent levels for the first quarter of 2012.

The Sales Department is also setting a cracking, market-leading pace, posting one of its best listing months to end the year strong. Whilst there seems to have been a delay in the arrival of new stock into the market this month, we are currently carrying more listings than any time in the history of Ray White Cranbourne.

I am regularly asked about the state of the market, and my best analysis is that it is currently 10 percent down on price and five percent down on volume from its peak in 2010. This is significant, but not overly concerning, as well priced and presented properties are still performing well. Competition between buyers is not as strong with more caution in the market.

November’s sale highlight was the sale of number 1 Sidney Street Cranbourne. The property was listed at $249,000 and after only three days on the market, we presented four “over asking price” offers to the vendor with an eventual sale price of $267,580. A great result for the vendors and a true testament of strong marketing strategy and teamwork.

December presents both landlords and vendors with a window of opportunity to finish 2011 strongly so don’t take your eye off the market yet. Both our Rentals and Sales Departments are at your disposal for professional advice right up to Christmas and throughout the festive period. 2012 will bring its own challenges with an unstable global economy, and fluctuating interest rates could affect buyer confidence. The only thing we know for certain is what we have today. Now is the time to make it happen.

Cheers until next month,

Mark Guthrie – CEO
Ray White Cranbourne
0404 001 347

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