Powered by MOMENTUM MEDIA
realestatebusiness logo
Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

rpm logo latest

Network acquires competitor's PM business

25 November 2013 Reporter

A Darwin-based franchisee has strengthened its offerings to property investors after acquiring a property management business.

Raine&Horne has secured the local property management business of South Australian-based competitor Andrews Real Estate. 

General manager of Raine&Horne Darwin Glenn Grantham said: “Andrews Real Estate launched in Darwin about three years ago, however they have decided on an exit strategy, which included divesting their property management business.”

The acquisition means that Raine&Horne Darwin will significantly increase the scope of its property management business, which will provide encouragement for investors expecting to expand their property portfolios in 2014.

Advertisement
Advertisement

“Darwin has enjoyed a record run for about five years now and we expect another year of double digit growth fort property values next year, which is welcome news for investors eyeing off local property,” said Mr Grantham.

“At the same time, the rental market is robust, and we are expecting this to continue with strong tenant demand in January, driven by the seasonal job transfers of workers in the military and mining sectors.”

For investors considering a first foray into the Darwin market, Mr Grantham has suggested a contrarian approach could prove successful in 2014.

“Unlike other states, buying investment properties off-the plan is quite an accepted practice in Darwin.

“However the demand for brand new homes is hurting the values of established properties built just five to ten years ago – they are down in value by as much 5 to 10 percent.”

Falling prices create opportunities for savvy buyers, with Grantham recommending that quality, well-located established Darwin CBD apartments represent excellent value.

Network acquires competitor's PM business
default
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.