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Local Market Update

By Eleanor Hopkins

The month of April produced more good news in the media both at the start and end of the month. Auction clearance rates were being reported at levels reminiscent of the height of the market and the papers were full of positive reports each Monday morning. This positive reporting and the increased levels of confidence by buyers shone through with some very substantial results in the local marketplace. Although there are generally not many auctions in the local area the buyer confidence shone through with sales numbers close to 40 for the month of April. This was extremely pleasing considering the interruption to the month with Easter, school holidays, and the Anzac holiday.

In many cases properties were selling with multiple offers and beyond vendor’s expectations. We also saw a reduction in the days on market as “hot” properties came to the market and sold very quickly. We are seeing many smart owners selling now and upgrading at the current prices before they move too much. As prices increase your current home will increase and so too will the one you are buying. If you are upgrading and increasing prices this will cost more in duties and commission in the future and so now is a great time to move.

On the back of our best listing month ever in March our numbers were ok in April but we are seeing a lack of new stock coming to the market. With high sales numbers and low listing numbers we are expecting a shortage in the coming months. This could also be good for increased prices towards the middle of the year if everything else remains the same.

The positive news towards the end of the month about the increased first home buyers boost for new homes will also be good for the area. With the surrounding area having so much available land this could be a great injection of activity and buyers into the market to stimulate the one area of the marketplace still struggling a little. This boost along with the remaining low interest rates is good news for first home buyers and the building industry.

Our rental department enjoyed one of its busiest months on record for new managements. These came from a varied source including new landlords, old clients returning to us, and transfers from other companies. Our strict policies on tenant arrears and the comprehensive screening process for new tenants is providing many landlords with the peace of mind they need for their investment properties. Our attendances at rental open homes towards the end of the month were extraordinary with a couple of properties experiencing 15 plus groups to the open homes. These numbers provided the landlords with the perfect situation of choose of tenant applications.

The month saw some great consistency from members of the sales team, but the stand out performances for the month came from Charles Raj (equalling his PB) and the Ringeri team with 11 sales for the month.

Overall the team worked very well and achieved some great results. Overall the team worked very well and achieved some great results. Overall we are seeing a renewed confidence in buyers in today’s market, although at this stage we aren’t seeing wholesale increases in prices. With the current stock levels, low interest rates and extras government bonuses this may change in the future.

Until next month.

Mark Guthrie – CEO Ray White Cranbourne

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