As Autumn settles in, the TSFN team had a busy month in April. From the Easter Festival long weekend bringing an influx of visitors to Bendigo and the positive RBA monthly announcement having a flow-on effect on both the Sales and Leasing departments.
The RBA announcement was a relief for mortgage holders as the cash rate remained unchanged at 3.6%. The Sales department saw an increase in demand among buyers, resulting in several sales throughout the month, as expected with the announcement. This signals that the property cycle is at or fast approaching the bottom, indicating to both buyers and sellers to take advantage of this turning point in the market.
As demand returns to the market and the number of homes available for sale still low, there is a solid supply/demand balance. From a seller's perspective, prices may have pulled back from the peak of 2021, but if you are selling to upgrade, you are generally going to sell for a bit less and buy for a bit less in this market. With low supply and increasing demand, we are seeing sellers achieving favourable prices.
For buyers, purchasing a property at this point in the property cycle will benefit when the market rebounds and prices increase again. Additionally, financing your new home is much more achievable with the unchanged cash rate.
The Property Management team is experiencing a market shortage, with TSFN's vacancy rate remaining unchanged at 1%. Investors have also felt the pinch of interest rate rises and new rental regulations on standards, leading to rent increases and a decrease in affordable rentals in Bendigo and the region.
The Commercial team has been experiencing sustained market strength, with a strong number of enquiries leading to several successful sales and leases in the past two months.
The TSFN team celebrated Easter by holding the annual Easter colouring competition with over 80 entries on display in our reception area. Congratulations to the artists who took out the epic chocolate overloaded hampers gratefully provided by Lollies2Go in Bendigo. With another successful year, TSFN congratulates the organisers of the Bendigo Easter Festival with many of our staff enjoying the festivities with their family and friends.
Continuing our Know Your Local Campaign, we visited a beloved local landmark in Strathfieldsaye, Braidies Tavern where delicious food meets family-friendly service. Since opening its doors in 2004, it has grown to be a highly sought-after destination for both locals and tourists alike. You can read more here: bit.ly/3AIIb07
The nation marked the anniversary of the first major military action fought by Australian and New Zealand forces during WW1 on April 25th. Bendigo, like many other regional towns, was greatly impacted by the war, with almost 5,000 Bendigonians contributing to the war effort and 2,972 losing their lives. TSFN acknowledges all those who have made and continue to make the ultimate sacrifice.
In May, TSFN will be supporting Ellinghaus Weil 10th Biggest Morning Tea for the Cancer Council and celebrating our mothers this Mother’s Day.
Looking into May, our team are enthusiastic about what the next month has in store and whether you are selling, buying, or leasing your property, we are here to assist you at every step of the way