One of Australia’s growing real estate groups is opening a new office in one of the county’s fastest recovering markets.
Raine & Horne is opening in Ellenbrook, a commuter belt suburb of Perth, roughly 45 kilometres northeast of the CBD.
Perth has been showing optimistic signs of a re-emerging property market since the lows of 2014, and recent CoreLogic data showed that, in 2017, prices only fell by 2.3 per cent, the smallest annual drop since May 2015.
CoreLogic data also found that Perth’s home value index increased by 0.1 per cent in the final quarter of last year.
Raine & Horne Ellenbrook will be managed by experienced real estate principal Ron Lyster, who will bring expertise to the office, said Raine & Horne WA general manager Craig Abbott.
“Ron’s knowledge and expertise in property development are perfect given there are extensive tracts of off-the-plan developments around Ellenbrook attracting the attention of first home buyers,” Mr Abbott said.
According to Mr Abbott, up to 40 per cent of buyers in Ellenbrook are first home buyers, but the area also attracts a few other demographics.
“It’s not just the young families who are moving to Ellenbrook,” the GM said. “Since Ellenbrook is on the outskirts of the metropolitan area, you’re also getting country people from the land seeking to downsize to a 500–800-square-metre block. So, Ellenbrook caters to a couple of different types of property demographics.”
Mr Lyster agreed with Mr Abbott and said that Ellenbrook’s affordability was attractive to many people.
“It’s possible to buy small blocks from 400 square metres for around $200,000, while established homes are selling for about $400,000,” the agent said.
Mr Lyster added that he chose to join Raine & Horne due to its fresh and innovative approach to real estate.
“I believe that opening a Raine & Horne office will be a good move as it will provide a fresh approach to real estate for the Ellenbrook area, particularly with the group’s focus on cost-effective digital technologies and social media marketing,” the agent said.