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Local Market Update

By Eleanor Hopkins

March was a busy month in the marketplace and the team at Ray White Cheltenham are starting to hot up to. The auction clearance rate hovered around 80% for the month with a real shortage of quality stock
in the market. We are seeing plenty of interest in traditional family homes with many buyers looking to secure the right home in the right location. As usual there is always strong interest in modern townhouses and units from both downsizers and investors.

Steph Bishop and Kevin Chokshi both had fantastic results with auctions conducted during the month achieving prices well above vendor’s expectations. Steph is tracking well this year with 100% clearance at her auctions. Timothy Dark also celebrated his first auction sale with an exceptional result at Eden Street Cheltenham. An offer too good to reject was presented to the vendor prior to auction and accepted.

The team listed well during the month and have some very good campaigns hitting the market over the coming weeks. Demand is strong at the moment with far more buyers than properties available creating
competitive bidding at auctions and great results for vendors at figures often well above expectations.

The property management department has been busy this month with plenty of activity around routine inspections and rent increases. These may not be the exciting part of the business but they are paramount to good management and looking after our landlords best interests. Letting numbers were down slightly and we found that the properties that were priced competitively in the market leased very quickly whereas some properties took longer. Tenants have plenty of choice in the marketplace at the moment and those properties that are older or needing attention are often sitting longer or requiring a price realignment.

Our team at Ray White Cheltenham is growing and we are always on the lookout for quality new team members. If you think you have what it takes to work with the best in the business then call us for a confidential interview.

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