Property market still on fire: Raine & Horne

Property market still on fire: Raine & Horne

02 June 2010 by Staff Reporter 0 comments

Despite the recent decline in first home buyer activity, Raine & Horne chief executive officer Angus Raine has said there is still plenty of heat in the market.

Mr Raine said there were property pockets in Sydney that were showing strength, including Annandale, Bronte, Darlinghurst, Epping, Killara and Zetland.

“Listings in many Sydney suburbs are up since April and this is creating symmetry between buyer demand and supply,” Mr Raine said.

“This is maintaining robust prices in those locations with median prices typically above $800,000.”

Mary Anne Cronin, licensee-in-charge of Raine & Horne Bondi Beach said Bronte Beach was currently enjoying strong price growth.

“It’s a small suburb which has some fabulous homes. It’s also tightly held, so there is a shortage of properties for sale, which helps boost demand and prices,” Ms Cronin said.

“Units, in particular, have been in short supply. For instance units in a 1970s-style block in Belgrave Street, Bronte sold for around $600,000 two years ago.

“A similar unit in the same block recently sold for $880,000.”

RP Data’s director of research Tim Lawless told Real Estate Business that suburbs such as Bronte offered the best value growth potential because of its location and proximity to transport.

“The best growth opportunities will be found in those areas where transport infrastructure provides a reasonable level of connectivity and amenity to residents and where affordable housing is strategically located within a comfortable commuting distance from major working centres and transport options,” Mr Lawless said.

Despite the recent decline in first home buyer activity, Raine & Horne chief executive officer Angus Raine has said there is still plenty of heat in the market.

Mr Raine said there were property pockets in Sydney that were showing strength, including Annandale, Bronte, Darlinghurst, Epping, Killara and Zetland.

“Listings in many Sydney suburbs are up since April and this is creating symmetry between buyer demand and supply,” Mr Raine said.

“This is maintaining robust prices in those locations with median prices typically above $800,000.”

Mary Anne Cronin, licensee-in-charge of Raine & Horne Bondi Beach said Bronte Beach was currently enjoying strong price growth.

“It’s a small suburb which has some fabulous homes. It’s also tightly held, so there is a shortage of properties for sale, which helps boost demand and prices,” Ms Cronin said.

“Units, in particular, have been in short supply. For instance units in a 1970s-style block in Belgrave Street, Bronte sold for around $600,000 two years ago.

“A similar unit in the same block recently sold for $880,000.”

RP Data’s director of research Tim Lawless told Real Estate Business that suburbs such as Bronte offered the best value growth potential because of its location and proximity to transport.

“The best growth opportunities will be found in those areas where transport infrastructure provides a reasonable level of connectivity and amenity to residents and where affordable housing is strategically located within a comfortable commuting distance from major working centres and transport options,” Mr Lawless said.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
William Phillips on how agents can expand their database and grow their business

In this episode of Secrets of the Top 100 Agents, host Tim Neary is joined again by William Phillips to discuss the real estate database and...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
upcoming events
REB Awards
Sydney The Event Centre 12 Sep
REB Awards
Sydney The Event Centre 12 Sep
Melbourne The Event Centre 14 Oct
Brisbane The Event Centre 18 Dec
View all events
Do you have an industry update?