November Market Update

December 6, 2017

With Christmas just around the corner, today we’ve got a Christmas special for you! Navigating the silly season can be difficult, however we’ve got a few tips and tricks to ensure your Christmas break is stress-free.

It is best to be aware of how your Contract will progress over the Christmas break. Under the standard contract terms, any dates that fall due on a day that is not a Business Day will become due on the next Business Day. The Contract specifically states that the 27th through to the 31st of December are not Business Days, therefore if you have a condition due such as finance, building and pest or settlement in the Christmas closure period, it will be pushed out til January 2018. The last Business Day for 2017 will be Friday the 22nd of December, and the next Business Day Tuesday the 2nd of January. If you sign a Contract over the Christmas closure period, the statutory cooling off period is not governed by the same conditions, so your 5 day cooling off period will progress nonetheless. Most solicitors will take a break over Christmas, so speak with your solicitor and agent now to clarify dates for your Contract.

With the Christmas break comes time away from home, normally meaning a spike in burglaries. Remember to double check that all windows and doors are secure before leaving and that items of value can’t be seen through windows. You can buy a timer to plug a lamp into for less than $6 from Bunnings, which provides the illusion of a lived-in home and a deterrent for thieves. Have a neighbour or friend collect your mail while you’re away so that it doesn’t build up, and ensure that you update your home and contents policy to include any valuable Christmas presents you receive.

In terms of sales, our office has seen a continued rise in buyer and seller confidence throughout November with a staggering 41 Contracts written between our 6 agents as well as listing 40 properties fresh to the market.

As we turn our attention to the rental market in Toowoomba, in November alone RE/MAX Success serviced 1,656 unique tenant enquiries, conducted 323 property inspections, processed 131 tenancy applications and secured 65 new tenancies. We are happy to report that our vacancy rate as at the 30th of November 2017 has dropped to 1.48%, which is significantly lower than the average in our area. Infrastructure projects are believed to have assisted in keeping vacancy rates low with many employees living in Toowoomba during the construction process. As predicted earlier in the year, despite these major infrastructure projects, the Toowoomba and surrounding suburbs residential market has continued to remain relatively stable throughout 2017 following a slowing level of sales activity in 2016, with residential developments still strong in Cambooya, Cotswold Hills, Glenvale, Highfields, Kleinton, Torrington and Westbrook.

To all of our fantastic clients, we hope you have a Merry Christmas and a Happy New Year surrounded by friends and family. On behalf of the Daniel Burrett Team, thank you for watching, we look forward to keeping you updated over the years.