Local Market Update August 2016

The month of August was close to a PB for the sales team for Cheltenham with plenty of activity, great results and very happy clients. The month started with the Reserve Bank dropping interest rates to levels never seen before. Demand from buyers was already strong and this just confirmed the levels of interest in properties in the marketplace.   Early in the month the auction at 21 Keamy Ave Cheltenham achieved an amazing result with the property selling at auction for an awesome $182,000 above the reserve price. The results only got better with the auction at 21 Devon Street Cheltenham attracting a crowd of close to 200 people and selling after some very competitive bidding for $420,000 above the reserve price. The result set a new suburb record and the vendors were ecstatic with the result. Both results were achieved by Kevin and Aaron. Belinda also had a great result with the sale of Park Road and took 16 offers on the property, eventually selling well above the vendors expectations. Well done Belinda.

The property management department were busy as usual with the normal attention to detail and follow ups that are such an important part of the business. The month was full of routine inspections, rent reviews, increases and general follow up to ensure the assets of our landlords are being fully maximised. The winners of the property management award this month were Lizzy and Suzanne.

The annual Ray White awards night was held this month and the results for Ray White Cheltenham were outstanding. Kevin won the coveted Senior Auctioneer of the year award after some stiff competition and Sam Master took out the double with the Novice Auctioneers award and also the Rising Star award. It was an amazing night and such a great reward for the boys for all their hard work and dedication.  Activity around the Cheltenham area has been on the increase with the Southland train station building coming along. This will be a great asset to the area and will ensure ease of travel to the shopping centre. We are also seeing plenty of crane activity with the building of new apartments in the area. This will no doubt create extra opportunities as they are built, and moved into by both owner occupiers and renters. All this activity bodes well for the area in general.