Armstrong Real Estate market and local update: May

July 1, 2021 BY

Stage 2 of the Armstrong Creek Town Centre has seen major progress with the foundations of KFC, Hungry Jacks and Dan Murphy’s starting to form. Photo: ARMSTRONG CREEK TOWN CENTRE

What’s new in 3217

Every month sees an increasing amount of development throughout the Armstrong Creek Growth Corridor.

Although lockdown reared its head again, progress continued and the whole community adapted, with both construction and expansion moving positively.

Stage 2 of the Armstrong Creek Town Centre has seen major development this month with the foundations of KFC, Hungry Jacks and Dan Murphy’s starting to form, as well as some other exciting developments that are yet to be revealed.

The community is blossoming into an amazing cosmopolitan hub and remains a great place to call home.

Keeping up with our team

May has certainly been full of surprises, small wins and challenges for the team.

We’re all so pleased that we kicked off the month with some quality time together recharging and energising.

Our hot mat Pilates session at Core Plus Geelong was super fun and a great bonding activity for the team.

A few lucky team members also managed to enjoy a much-needed holiday just before lockdown hit. Kelly packed her bags and headed for sunny Queensland, while Megan and Brooke flew up to Darwin for some well-deserved relaxation.

Just to shake things up a bit, we all had to re-adjust to working from home once more as the final few days of May saw us placed into yet another lockdown. In these times, we all collaborated online and managed to kick goals even when away from our desks.

Sales update

As we moved into winter, our sales team had the chance to reflect on the season to come and how restrictions in Victoria would impact the property market.

The arrival of colder months can sometimes deter potential vendors from selling their homes and motivate buyers to enter the market. This does generally lead to an increase in competition and prices tend to move just a little north.

Although forecasting in these times can be a tad tricky, our team upholds the idea that, based on last year, there is no need for concern. Using their prior knowledge and experience to reinforce the fact that it is a good time to list your property as there will be lively competition. On the flip side, it’s also a great time to enter the market as a buyer before Melbourne purchasers flood the area with their substantial buying power.

If you’d like to have a chat about whether the market is right for you, you know we are always here to help share our industry insights and knowledge.

Rental update

We know we keep saying it, but month-on-month the demand for rentals in the 3217 Growth Corridor continues to boom. In May alone, we leased 20 properties with an average days on market of just 14. Typically, coming into the cooler months sees the rental market drop off, however it certainly doesn’t look like this is the case in 2021.

We received 1072 enquiries delivering an average of seven applications per property. Our team also conducted a massive 63 appraisals for the month, listing 17 properties for lease. A vast amount of these listings are brand new builds within the 3217 area.

Our database is bursting with quality prospective tenants searching for their new home in the local area. We’re proud of our ability to achieve secure and reliable tenants at optimum rates within an average of just 14 days.

Land update

We were beyond excited to see the first sale of our new land estate Merindah. The excitement continued as we went on to sell our second and third, fuelled by the evident enthusiasm in the market.

We enjoyed welcoming 33 new members to the Merindah family during the month. We’ve been overwhelmed with how well received Merindah was by the Armstrong Real Estate community and would like to thank everyone for their support and positivity.

The first stage of Merindah is now officially sold out! Stage 2 has since come online and once again, in just a couple of weeks we only have a handful of lots left.

Titled land remains extremely scarce, leading to record breaking prices for the area. If you have a titled lot waiting for the right moment – please get in touch with our team as you may be pleasantly surprised.

Until next time …

Of course we’re hoping that the last ever lockdown is now behind us, but as we’ve learnt, we need to be ready to adapt and continue to work with the climate and ever-changing market

If you ever find yourself needing any real estate advice or assistance, please feel free to get in touch. We’d love to help you out.