2016 was a very productive year for the team at Ray White Cheltenham with many new records set in all departments. The overall market remained very strong with high demand and low stock levels. In the rental department high levels of building in the area, many by investors were matched with high levels of demand from tenants. We expect that this won’t change too much in 2017 and the local market will be fuelled by numerous new developments and new apartment buildings. The main concerns last year remain the same this year with overseas investors still making up a good portion of our buyers for rental properties. The changes to lending policy have made a small impact in demand but this was mainly focused on inner city apartments and has had the desired effect. Interest rates as always are a major factor and most experts predict rates to remain stable for the best part of the 2017. This will provide more certainty for buyers throughout the year. 2016 was a year of major political change with Brexit, Donald Trump winning in America and elections in Australia, none of these had a major negative effect on our real estate markets and our markets continued to power forward. The sales department recorded record sales numbers and a double digit increase in prices for the year in most suburbs serviced by our office in the bayside area. Demand for quality properties was at an all-time high and we don’t expect that to change too much this year. The second and third tier properties may lack the same levels of interest this year but we still expect a stable and positive growth in values for the year ahead. Overall we expect 2017 to be another very busy and productive year in real estate and we look forward to serving your needs throughout the year.