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Michael Buium has made the leap to a new network, joining up with Laing+Simmons to rebrand his Sydney Eastern Suburbs outfit.
Formerly of Raine & Horne Commercial, Mr Buium and his team are now working out of their Randwick base under the banner of Laing+Simmons Commercial and Residential Coogee|Randwick, which officially opened its doors on 1 February 2023.
From his perspective, aligning with Laing+Simmons means the team is able to leverage training and “more attentive network support only accessible with a boutique, hands-on brand.”
According to the three-decade commercial real estate veteran, the rebrand “comes at an interesting juncture for the property market” as the business embarks on its next phase of growth.
That growth is set to include the further expansion of its residential service, complementing the established commercial real estate platform as helmed by Mr Buium.
“It’s an interesting time in both the commercial and residential markets, as the impacts of the upcoming NSW election and the direction the Reserve Bank takes are both set to have a key influence,” he shared.
“Typically, in an environment of rising interest rates, we see a pick-up in commercial leasing as occupiers show an increased preference for tenancy options as opposed to purchasing their business premises. Certainly, we’re seeing this play out in the current market.”
As for where the team’s focus will lie, Mr Buium divulged that they’ll be “working closely with our customers — buyers and sellers, tenants and landlords — to ensure their specific needs are met in the context of current and future commercial market dynamics.”
He continued: “Our team is ready to work closely with our customers on the leasing or sale of their properties and we look forward to bringing the benefits of our new brand to our new and existing clients.”
He’s joined in the business by asset manager Ella Swain, meaning the agency is able to not only provide residential and commercial sales and leasing support but will also be able to provide clients with shopping centre or platform retail management services.
According to Laing+Simmons’ head of growth and development, Harriet Saunders, it’s a big deal for the brand to garner the addition of the eastern suburbs agency into the fold.
“Michael and the team at Laing+Simmons Commercial and Residential Coogee|Randwick have a long-standing proven track record, and it’s a privilege to welcome them to the network,” she stated.
“It’s a significant coup to attract an operator of this calibre and experience to our growing brand in a key strategic market for us.”
So where does Mr Buium see the market going over the coming year?
“Should the Reserve Bank take a moderate approach and refrain from unnecessarily increasing rates beyond many people’s means, we anticipate residential market conditions will stabilise over the course of the year,” the veteran outlined.
“Pending unforeseen circumstances, we believe the price easing trend to be at or near the bottom, with a return to growth on the cards perhaps from next year. Demand for Eastern Suburbs property is always robust and the challenges of the supply shortage are likely to remain, underpinning values,” he concluded.
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