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Local Market Update

By Sarah Magnano

The winter weather is starting to kick in and the days are getting shorter but there is no change in the real estate market as it continues to remain busy and robust.

Activity at open homes remains strong and bidding at auctions is still at fever pitch. The highlight of the month for the team was the auction of 8 Jarrahdale Street, Cheltenham. This campaign was run by Kevin and after great interest throughout the campaign it culminated on auction day with 6 bidders and a result $100,000 above reserve price. The vendors auctioneer, and agent as well as the buyers were all very excited. The other auctions conducted throughout the month were all well attended as interest in real estate and prices remains high and results were achieved that vendors were very happy with.

The rental department continued with their focus on arrears and achieved record low levels. This is the foundation of a good rentaldepartment and sets the trend of expectations for all other areas. The number of available properties on the rental list fluctuated during the month but one consistency throughout was activity levels of different properties. Apartments made up half of our availablestock and generated low open home numbers and applications. There are a large number of apartments available and many more planned for the near future and this is creating supply and demand issues. Pricing of these properties is critical and rent increases are just not available. The interest in homes on the other hand is very strong and we are seeing high numbers of attendees at open home, multi applications and strong demand.

A friendly reminder with the end of financial year fast approaching to ensure you have any works pending completed and paid before 30th June to enable you to claim them back as soon as possible. Many will also be aware that lending criteria changed in the last month when it comes to investors and bank lending. Banks have changed their requirements and now require a larger deposit for new purchasers. There has never been a better time to ensure you have the best rates and best deal when it comes to lending on your investment portfolio. Talk to us about how the right lender could save you thousands of dollars per year.

Until next month

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