Market Wrap Up - 2014
28 November 2014 Symon Badenoch
Another year is drawing to a close and now is a good time to take a brief look back at the market that was and the state of the market moving forward.
During 2013 the sales prices have increased for houses (mainly established ones) with apartment prices falling. We have seen large turn outs to open inspections for houses with some properties having up to 50 groups through in one showing. Old Established suburbs in the Inner North and South are still producing record results.
It is expected that this trend will set to continue into 2015. Mr Fluffy owners may put pressure on prices in the old established areas, but this will be a short spike in the market place and only in specific suburbs.
The rental market has seen a large increase in the supply of properties with all the new developments and suburbs being finalised. This trend will be set to continue into 2015 with a rental prices expected to decline further due to this. We are however hopeful that this will remain a slight decline for prices unlike the sharp decline seen in the previous 12 months.
On the team front this year there were some changes. Heather is now back on board after her health challenges this past 12 months. Also, as you may be aware Chloe R one of our senior property managers has now finished up with us to go on maternity leave. Philippa who has been working alongside Chloe for this transition is now filling her role.
We have had many team events this year with the Ben Donohoe fun run and the ‘Badders’ Melbourne Cup featured in this month’s update just to name a few. The team is stronger than ever in the office and they all look forward to the challenges the New Year will bring.
A big thank you to our loyal clients and creditors without their input and work we would not be able to do the job we do!