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A Sydney eastern suburbs real estate agency has made a move into the inner west, acquiring an almost two-decade strong property management business in the process.
Raine & Horne Unlimited has revealed its establishment of a Balmain presence, complementing its existing Potts Point offering.
Principal Samuel Schumann is behind the growth, and has called it “a strategic move to capitalise on the growing migration and real estate activity between the eastern suburbs and the inner west”.
“Higher pricing in the east has made it difficult for young families to find value. So, individuals who have grown up in the eastern suburbs and wish to buy a house have naturally gravitated towards specific markets, particularly Balmain and Rozelle,” Mr Schumann said.
“Additionally, areas like Petersham, Stanmore, Balmain East, Glebe and Forest Lodge have become attractive to buyers because they can afford slightly larger houses, which was challenging in the east.”
The new office already has a team of eight real estate specialists attached to it, including Skie Ross, who assumes the role of head of property management across Raine & Horne Unlimited.
Ms Ross’s portfolio incorporates the new inner west rent roll alongside existing properties under management, and follows Raine & Horne Unlimited’s acquisition of property management specialist business, Let’s Rent.
A statement from the Raine & Horne network lauded Let’s Rent’s successful operation over a 17-year period.
According to Mr Schumann, the new and expanded business “aim[s] to maintain the high level of personalised service for which the Let’s Rent team is known for in property management and extend the same level of service to our new sales division servicing Balmain and surrounding suburbs”.
Alongside Ms Ross, the business has also welcomed Gary Pelham into the fold, assuming the role of group general manager.
With its increased footprint and additional staff to boot, Mr Schumann said the timing of the new office launch coincides “perfectly” with the beginning of the traditional spring selling period.
He shared: “As it stands, the lack of stock seems to be holding up property values, and we’re still getting good results for vendors.”
“With spring now upon us, there’ll be more stock coming onto the market as savvy vendors recognise that the RBA has left rates on hold for now, providing more stability.
“Therefore, we are witnessing an increase in listings from both home owners and investors. This surge in available properties has reinvigorated the aspirations of apartment and house owners to upgrade their homes.”
He sees the current market as “gaining momentum”, expressing that the business is “excited to serve clients across the eastern suburbs and the inner west by providing seamless cross-selling opportunities and expanding our reach in the dynamic Sydney property market.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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