Local Market Update February 2016

If the market is slowing down no one told the team at Ray White Cheltenham as they completed one of their busiest months ever. Amazing auction results were the core of the activity with big crowds, spirited bidding, multiple bidders and results over vendor’s expectations. With stock levels remaining tight we don’t expect to see a change in the market in the foreseeable future. When the market does change it will be the second tier properties in poorer locations which will become less desirable and will have lower attendee numbers at open homes. In the sales department great months were enjoyed by Sam, Belinda and Kevin. Listing numbers were also strong considering the tight marketplace and auctions booked ahead should provide a good pipeline for the coming weeks.

The rental department started the month with a full list of available properties but finished the month with a very small list which is a good sign for our landlords. Good letting numbers were displayed for the month. Rent increases were the stand out with this item vitally important to landlords to ensure they are getting market rent for their investment. The team was able to secure $300 value in rent increases for the month alone, a great result. Arrears were also a continued focus for the month and these continued to tumble. The rental market remains strong with good quality properties commanding plenty of interest and choice of applicants forlandlords. The stand out result for the month was the property at 90 Cromer Road, Beaumaris. This property had been with another agent for a period of time but was only on the market for one week with us and we now have very happy tenants and owner.

Another strong and consistent month is expected in March but we remain desperate for more stock to assist our tenants who have missed out or not found the right property yet.

Until next month