Local Market Update June 2016

The winter market place is as hot as ever, with no signs of any major changes on the horizon despite the hype of the federal election which after much unrest and unknown, saw the existing government remain in place and minimal effect to the active real estate market.

I have recently returned from Britain and the marketplace there is going through a major upheaval with the decision to leave the UE. This has had both immediate and long term effects, many still unknown and waiting to pan out, but none so far in a positive way. The major political parties as a result are going through change and all this is causing a major disruption to the market. Luckily we are not seeing the same here.

The sales department were a little bit quieter than normal as a result of low stock levels which is consistent with the overall market and the time of the year. The market remains very tight with multi bidders on all properties going to auction and multiple offers even on private sales. With this in mind we had some great results during the month with Mayne Street selling well over reserve for Kevin and Belinda getting a fantastic result with her private sale at Pyingerra Cres. Once again more available stock would mean more sales so if you are considering selling now is a great time to take advantage of the tight marketplace.

The rental department had a busy month with good enquiry numbers and plenty of letting action. During the month the team received over 300 enquiries on the available stock, conducted 56 inspections with 129 potential tenants viewing during these times, with 44 applications received and processed and 16 properties let to happy tenants. During the month the rental department implemented a new maintenance program to make the process even easier for tenants, landlords and agents. We look forward to the continued indication of this and have already received positive feedback.

We also saw the end of the financial year with many landlords taking advantage of the timing to complete works on their property and then claim the tax benefits back almost straight away. It’s always worth discussing with our team what works could be done to improve your property and potentially get more rent and increase the capital value at the same time

Until next month,