Archive for November, 2008
Melbourne’s residential vacancy rate is hovering at around 0.5%. This is the lowest vacancy rate since records have been kept 40 years ago!
Economic forecaster, BIS Schrapnel have reported that they expect residential rents to rise 50% over the next 5 years as there is an acute shortage of rental stock available.
Victoria’s current immigration is approximately 88,000 per year and Australia’s population is growing at the fastest rate since 1947.
Given these economic parameters, it is clearly a great time to buy real estate.
Auction clearance rates have fallen from 80 odd percent 12 months ago to around 53% currently giving further opportunities for people to purchase good value in the market.
The current economic commentary is that official interest rates are reported to fall to 3.75% by March next year!!
With falling interest rates and increasing rental values and the pressure put on available stocks with the first home owners grant, there is a cocktail for rapid growth in the under $500,000 market.
Right now the Federal Government is stimulating the ‘first home buyer’ end of the market increasing the current state grant of $7000 to $14,000. The boon is, that if people purchase a new property between October 14, 2008 and June 30, 2009, the grant increases to $21,000 and if they purchase a property that is new and under $500,000 the grant increases to a massive $26,000!!!
This, coupled with the falling interest rates, has provided an opportunity for first home buyers that had previously been shut out of the market to take the opportunity!
The “Blog” is a new feature to Castran Gilberts’ website which will see you regularly updated with what’s going on around the property market place!
If you haven’t bought, sold or rented in a while it’s very easy to fall out of the loop.
Paul Castrans‘ constant dealings within the property sector will see you get regular and relevant info.
Remember to log on and keep up to date with this handy little feature!!
Paul Castran
Paul Castran, Mark Forytarz and Castran Gilbert are now utilising online video hosting service YouTube, to post regular video updates to their customers about the state of the Australian Real Estate Market.
Go to www.castrangilbert.com.au to see the first video post.
Paul Castran.
Paul Castran is 49 years of age next February and has been actively practicing in real estate since 1980, starting the week John Lennon was shot in fact. Next year will be Paul’s 30th year in real estate.
Paul completed his HSC at Wesley College in Melbourne and then completed the Associate Diploma in Valuations course at RMIT. Paul’s final year saw him work full time and complete the course at night!
Working for Dennis Gilbert and Stewart Gull in their office at Mount Waverley, Paul’s first role within was as a ‘Cadet Valuer’ completing valuations all around Melbourne during the week then working as a real estate sales person on weekends.
In 1982, Stewart Gull sold Paul his 50% share and so commenced the beginning of Castran Gilbert a long and enjoyable partnership with Dennis Gilbert who retired in 2006.
Dennis and Paul opened 3 additional offices in Ringwood North, Dandenong and Wantirna and dominated new home sales and broad acre sales in these locations.
In 1990 Paul & Dennis set up a new office in Toorak Road purchasing ‘Bailleau Knight Frank’ and ‘Abercrombie & Beatty’s’ rent rolls amongst others.
Local real estate agents thought it was impossible to set up in competition with agencies that had been established over 100 years. Within 5 years, Castran Gilbert proved all the agencies wrong, dominating apartment sales and new off-the-plan project sales!
To this day, Castran Gilbert has increased its market share in every area, every year and are a dominant force in the inner-suburban market of Melbourne!
As CEO of Castran Gilbert with 3 co-directors , Mark Forytarz, Tim Brown and Michael Lang, Paul Castran has presided over nearly 17,000 sales in the past 29 years.
In Paul’s earlier years shortly after completing the valuations course, he also completed his full license course enabling him to become a Director of a licensed corporation.
Paul has also conducted in excess of 2,000 auctions and am actively involved in charity auctions and community support.
Married to his lovely wife Megan in 1990 Paul has two kids/little adults, Max and Zoe who are 16 and 14.
ABOUT
Paul Castrans views on the Australian real estate market