Local Market Update

The year has started with a bang and with all experts and analysis predicting a strong year it hasn’t missed so far. The month of February is always the first true test of the market with the auction market getting into swing and the team at Ray White Cheltenham have seen some great results so far. Steph Bishop has had a great start to the year with some above average auction results in both apartment and house sales and has also listed very well.
Attendance numbers at open homes has been extremely high and shows a good indication of the shortage of quality stock. We expect this to continue even with the increased number of new properties hitting the market throughout the month. We are seeing good interest from first home buyers in the sub $600,000 range and also strong interest from down sizers. This is a very strong market in the Cheltenham and surrounding suburbs as more mature owners look to the future and aim for less maintenance.

The rental market has also been strong with very low days on market for properties let during the month. Once again we are seeing strong interest across all property types with interest in houses, units and apartments. Our new online tenant booking system for inspections has been introduced this month and we are already see improved efficiencies and service for all concerned. This system allows tenants to book an inspection time that best suits them. This will in turn lead to lower days on market and of course happier tenants and landlords too.

We have also introduced our tenant payment system this month and although we have encountered a few teething problems it is a system that will ultimately improve service. I understand change is hard for some but I am committed to introducing technology into our business to ensure we have the most state of the art and efficient systems to provide the best levels of service in all respects.

Interest rates also remained constant this month to ensure plenty of buyer interest for the months ahead. Auction clearance rates also hovered around 70% for the month on reduced auction numbers.

We have secured a good number of properties this month and this will ensure plenty of activity for the month ahead. We look forward to meeting you at one of our open homes for either rentals or sales or even in our day to day activities.

Until next month

Cheers
Mark