Laing+Simmons The Abassi Group is welcoming another network office under its umbrella, boosting its reach across one of Sydney’s fastest growing regions.
Laing+Simmons Caddens-Penrith joins the group, complementing its existing outfits in St Marys and Ropes Crossing, creating a three-strong office group and offering a complete suite of real estate offerings to the local community.
It increases the strength of the Abassi Group’s presence in an area where buyer and vendor confidence has taken a hit off the back of recent cash rate increases, but one where group principal Paul Abassi insists the market fundamentals remain sound.
He revealed that “population growth, the resumption of immigration, [and] decentralisation away from the CBD due to affordability” are among the factors at play for demand in the local market.
“There are supply-side challenges, but infrastructure investments and new developments combined with greater choice at a variety of price points mean key centres like Penrith are on the radar of buyers of all types,” he said.
Mr Abassi added his belief that the “relative affordability of western Sydney property will be reinforced by strong transaction activity in 2023, particularly once interest rates stabilise.”
In addition to welcoming Laing+Simmons Caddens-Penrith, Mr Abassi outlined that the group is focusing on recruitment in line with the brand’s principles which have underpinned the outfit’s growth to date.
So far this year, the Laing+Simmons network has made a number of key strategic moves, including planting its flag in a prominent north-western Sydney area, an inner-west lifestyle market, and landing a commercial real estate veteran to take a prominent role at an eastern suburbs office.
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