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March Market Update – 2017

By Cameron Smart

RE: March Market Update 2017 – Ray White Cannington
Another solid month to continue the great start to 2017, with a further 6 sales for the month of February. Slightly less than January, although a very strong listing month should pose for a big month in March. 13 new listings signed up for February, with a huge 6 auctions booked for the month. There were 200 new buyers met during the month at home opens and from internet enquiries, adding to the already extensive buyer database available at Ray White Cannington, which now sits at 11,274 buyers for all types of properties including investments, developments, upgrading families, downsizing couples as well as first home buyers.
One of the best success stories in February was a property now under offer at 41 Stockman Way, Cannington. Previously on the market with another local agent for over 150 days, the property was placed under offer by Charlie Bellow after only 8 days on the market.
REIWA statistics show that sales activity in the Perth Metro region increased by 8% in February in comparison to volume in January. It seems as though buyers are returning to the market after the traditional shutdown over Christmas & New Year. For more info from REIWA on the FebruaryMarketsclick here.
The property management department has also had another extremely good month, with 45 properties leased for the month, including 24 newly leased properties and 21 lease renewals negotiated.
Again we can attribute the strong team ethics and hard work for further positive comparisons when comparing the performance of Ray White Cannington to the general Perth rental market.

We are very proud to be able to say our average days to find a tenant and lease a property are on average, less than half the time it takes other local agencies and those who are leasing properties in the 6107 and surrounding suburbs. Our properties are also vacant for approximately a third of the time in comparison to other rental properties being looked after by other agencies.

RENTAL STATISTICS (taken from between 01/02/17 – 28/02/17)

Rental Vacancy Rate
Perth Market: 6.8% Vacancy Rate
Ray White Cannington: 4.2% Vacancy Rate (Current)

6107 – 120 Properties Leased, Days on Market Average of 51.15 Days, 39.02 Average of Days Vacant.
Ray White Cannington: 24 Property Leased, Days on Market Average of only 45.3 Days, and the average days vacant only 27.3

SALES STATISTICS (taken from REIWA for January 2017)

Selling Days on Market Average – Up to January 3rd

Perth Market                                  Ray White Cannington (1/12/16 – 13/3/17)
Private Treaty: 72 Days                 Private Treaty: 66 Days
Auction: 28 Days                           Auction: 59.5 Days (4 campaigns)

If you are thinking to sell and would like an update on what you property may be worth in the current market, or you are just interested to find our your current property value, please get in touch with the office on 08 9351 8411

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