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.
“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.