SUNIL KUMAR
CEO/Founder The Reliance team has recognised the importance of the turning point for the economy going into the holiday season and the teams are embracing the exciting recovery mode and fast rebound of strong conditions going forward with Victoria out of lockdown for a month.
The Reserve Bank of Australia has cut the cash rate to 0.1% at the start of November, the lowest level ever. Property searches tend to respond positively to interest rate cuts and this has a flow-on effect for pricing. The Victorian government has announced a temporary stamp duty relief for those purchasing property up to $1m and is set to waive up to 50% of stamp duty on newly built homes of up to $1m until June 30 2021. Existing homes will be eligible for a 25% waiver. The news is likely to drive competition and impact property prices positively.
The rental team has 61 new listings, 56 leased listings and 967 potential tenant enquiries. Over the coming weeks rental demand is likely to continue to drift lower as we get nearer to Christmas and New Year. Rental demand typically spikes in mid- to late January, with the first quarter of each year being the most active for lease renewals.
While buyer demand has been falling, over recent weeks, around the country, it is still 38.1 per cent higher than it was at the same time last year, and demand for houses is 38.8 per cent higher than last year and unit demand is up 35.5 per cent. But at Reliance, we have had incredible success as November has been an amazing month for our team with the return of onsite inspections coming out of the lockdown period, with a staggering 146 properties under contract, 134 new listings and 1375 potential buyer enquiries.
We are motivated; excited and as always committed to our clients and with the easing of restrictions it is wonderful to be back out in the community serving our clients and returning investors to the market. Stay safe and well and have a wonderful festive season.
Sunil Kumar CEO/Founder
