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Local Market Update

By Eleanor Hopkins

March was an extremely busy month for the whole team at Ray White Cranbourne with some outstanding results achieved as a team and also some great individual achievements too.

The rental department continued their strong start to the year and recorded more than a letting a day and set a new PB for lettings for the month of March. There was a dramatic drop on applications numbers from close to 300 down to 200. This would indicate better quality applicants. We also had a strong month of lease renewals which shows that many tenants are happy to stay where they are and enter into a new 12 month lease. We also saw another strong month of rent increases across our portfolio. The number of increases was good and the average increase was $5 – $10 per week. This is an often neglected area of property management for some agencies. Our team is always analyzing the marketplace and providing feedback to our landlords about what can be achieved in the current marketplace. Our goal is always a long term happy tenant who looks after the property well and pays their rent on time. In return many landlords are happy to minimize rent increases to assist good tenants. The stand out performance for the month in the rental department was our new BDO Ashley Dean. Ashley was very busy assisting new landlords and growing our portfolio. Well done Ashley. The winners of our monthly portfolio award for property management was Bree and Abbey. Well done ladies, that’s twice this year now.

The sales department had another strong month with some great sales results flowing on from a good listing month in February. It was a very consistent month with both 34 new listings and 34 sales for the month. Days on market was once again low and this is a good indication of the strong sales market at the moment. Auction clearance rates continued to hover around the 80% mark for the state and we once again saw a large number of properties sold with multi offer situations. We also saw 9 of the 34 sales for the month sell above the asking price. We are always looking for more opportunities for listings so if you are considering selling speak to the market leaders at Ray White. The month was also outstanding for Team Ringeri with a record set for offers taken and sales made. Nearly half of the Cranbourne team’s sales were made by Paul and Matthew, well done guys. Chaminda also enjoyed a busy month of sales and as always also listed well for the month. Kate and Denis also listed well for the month and will have a busy month ahead.

We had a number of new team members join us this month with Rachael and Dwayne joining Paul in Team Ringeri and Richard Foo joining our sales team. Rachael and Richard are vastly experienced and have already hit the ground running.

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