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Local Market Update

By Nicholas Cassidy

The first 5 months of 2015 has seen a complete change in the Real Estate landscape from what was, in 2014. In particular we are witnessing the resurgence of first home buyers & investors into the market.

For the Team at Ray White Langwarrin, May has been extremely busy, despite the onset of colder days.

With unbelievably low interest rates, buyer confidence is at high not experienced in 5 years. In most cases, homes are registering 10+ inspections at the first open home and receiving multiple offers within days of hitting the market.

Prices being achieved are well in excess of Vendor expectation, and in a lot of scenarios are as much as 10% above the Home Owners expectation.

Properties priced above the $700,000 price point are in limited supply. With the recent completion of new road infrastructure, the Peninsula is attracting new and strong interest from out of area buyers searching for a lifestyle change, resulting in a surge in demand in the top segment of our marketplace.

Overall we are enjoying a much more confident marketplace in 2015, with fantastic results being achieved in both the sales and rental departments of the business. We expect buyer confidence to remain on a high, while interest rates remain at an all time low.

While traditionally Winter can be a quiet season for the property market, the current market conditions look set to offer exceptional selling opportunities with great buyer numbers out there.

Nicholas Cassidy, Director Ray White Langwarrin

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