Local Market Update May 2016

The team at Ray White Cheltenham have enjoyed one of their most productive and busiest months with the last month of spring delivering some outstanding results.

Mays real estate market has had plenty of outside influences and factors affecting it. The first of these is the looming Federal Election in early July. There has been a major focus by the Labor Party to change the negative gearing rules in the future and this will have a major effect on the investment plans of many Australians. The end of financial year is also not far away and this has much interest for existing landlords. If you have any maintenance you are considering our advice is to get it completed and paid for before the end of the financial year to allow you to claim the deductions back early in the new financial year. The banking sector as always has an effect on our market and there is talk of another interest rate drop in August potentially between half and a quarter percent. There has also been major changes in lending policies for all the major banks around overseas investors. This will of course have a major effect on the market both short term and long term.

The sales team set a new PB for the month with some outstanding results at auctions during the month. Some of the auction results exceeded agents, vendors, and even buyers expectations by large amounts and some set new suburb records. The stand out for the month in the sales department was Kevin with a fantastic overall month and a personal best too. Stock is still very tight in the marketplace and we are seeing strong demand in all aspects of the sales market.

The rental department had a fantastic month also with 19 lettings for the month, just short of our PB. During the month we saw lots of new stock available with our office, with a good portion of this being new landlords joining our company. The rental market remains very tight with strong demand in all sectors. The activity for the month for our team was as follows: 653 enquiries, 79 inspections, 242 tenants inspected property, 85 applications and 19 properties let, all in the month of May alone.

Overall the team at Ray White Cheltenham remains very busy and focused on providing the highest levels of service to all our clients.

Until next month