From The Desk Of The CEO - Merry Christmas and a Happy New Year
As 2019 draws to a close like most we start to reflect on the year past and start to plan for the year ahead. From a real estate point of view we are starting to see some more positive traits going into the New Year. At the end of 2018 I think many of us were hoping things would improve. Sadly many of us were feeling the same at the end of 2017 as well and even the end of 2016.
The last three years have been larger challenges than many of would of liked and certainly the length of some of this down period exceeded the time frame many thought it would be. Having said all that, the last quarter of 2019 there has been more consistent signs of small improvement.
Our group covers a large market area extending our way up into the hills as well as Midland and surroundings areas. So we have seen a mixture of results on the residential sales side. There has been notable improve in general inquiry since August and first homebuyers numbers have increased. In terms of residential leasing we have seen a steady improvement throughout the year and there is a trend for increased rents in a number of suburbs where vacancy rates are the lowest they have been for four to five years.
In Commercial and Industrial Mike Palmer (Director for Real Estate Plus Commercial and Industrial) tells me inquiry rates are up in the second half of the year for the Midland and surrounding areas so is very encouraging.
The last four months has seen an increase in volumes of settlements for Plus Your Settlements to a level we have not seen for eighteen months to two years. Plus Loans has reported increased inquiry even now right up until Christmas and their last six months has been the most consistent for over three years. So collectively we are seeing some very positive signs with small steps but in the right direction.
For all of us our ability to adapt to our financial environment has been tested. The biggest determiner or guide will be the unemployment rate going forward and investment by our governments in projects within our state. People always want and look for security in their employment and that certainly has been a mixed bag for some time. Once we can break the five percent unemployment mark I think we will see some very strong movement in our overall economy which leads to everything growing and reshaping. Currently the unemployment mark has been hovering around the 5.45 to 5.5%, they say 4.5% is the ideal mark and hopefully we will see that mark achieved over the next couple of years.
In 2020 will see us relocating our office to the new Catalyst building being built in The Avenue, Midland near the Sayer Street end . We have recently been appointed the managing agent for this eight storey building which will be a mixture of commercial and residential and will be one of the largest private projects completed in the area for a long time so is very exciting.
Midland has still huge potential for growth in the next five to ten years for the area which is very exciting.
On behalf of the Real Estate Plus Group we would also like to take this time to thank you working with us through our network and service providers and want to wish you and your family a safe and Merry Christmas and a Happy New Year. We look forward kicking goals with you in 2020.
Written by Milton Rendell, CEO – Real Estate Plus Group