Raine & Horne has opened its second new office in Sydney’s St George area in five months.
Led by husband-and-wife team Michael and Nicoletta Platyrrahos, Raine & Horne South Hurstville will serve vendors, landlords, buyers and tenants in the suburbs of Blakehurst, Hurstville Grove and Connells Point.
It is the network’s tenth franchise to open in the St George region following Raine & Horne Hurstville in October last year. Other R&H offices in the area include Bardwell Park, Rockdale, Kogarah, Sans Souci, Kingsgrove, Miranda, Bexley and Brighton-le-Sands.
Mr Platyrrahos said the timing for the launch of Raine & Horne South Hurstville was perfect given the suburb’s excellent affordability.
“The median house price in South Hurstville was $706,500 at the end of November 2012, while three-bedroom homes nearer the waterfront in neighbouring Blakehurst are achieving close to $900,000,” he said.
He added that South Hurstville’s proximity to excellent infrastructure would fuel long-term demand and underpin real estate values.
“South Hurstville is situated just 20 minutes from the CBD and 15 minutes from Sydney Airport, while buyers who work in the city will find suburbs near local train stations, such as Penshurst, Mortdale and Oatley, an ideal place to live,” said Mr Platyrrahos.
Raine & Horne CEO Angus Raine told Real Estate Business that opening several franchises in one area was part of the network’s strategy of increasing their profile.
“We have an office development metrics but we are very careful not to put offices on for just numbers’ sakes,” he said. “We have a formula whereby every office has their own individual farming areas, as it were.
“With our culture, we encourage offices to work together as a team and we have regional meetings once a quarter and that’s where they discuss how to work as a team and to build everyone’s profile for everyone’s benefit.”
He said it was unlikely another office would open in St George and that future offices would be developed in the neighbouring Sutherland Shire.