13 May 2009

Home owner boost creates buoyant market for new Kogarah office

A strong local property market, underpinned by the lowest interest rates in 45 years and generous First Home Owner Grants, have created excellent conditions for property buyers and sellers, according to a local real estate expert.

Raine & Horne Kogarah's Michael Pyliotis was born and bred in the area, and he believes Kogarah is a great place to buy a home or investment property, based on its excellent location and amenities.

"Whether you're in Kogarah or Brighton, it's only a 20 minute train ride to the CBD. The airport is close and well served by hospitals and excellent entertainment amenities," Mr Pyliotis said.

The iconic suburb is also affordable. According to PriceFinder (formerly PDS Live) the median house price is $545,000, while for two-bedroom apartments its around $335,000.

Kent Lardner from Path Finder says Kogarah house prices are up $10,000 since March 2008, while Mr Pyliotis says apartments are being quickly snapped up by first home buyers.

"We are selling apartments for closer to $300,000. Six months ago similar homes were selling for $280,000," Mr Lardner said.

"Any houses in the $500,000 or under market are also moving quickly as buyer demand is out-stripping supply.

The long-term St George-Illawarra Dragons fan said homes that were priced to sell were being snapped up within weeks.

"We sold a property recently for $520,000. It could have been listed for $549,000, but the vendor was happy to ask for $529,000 and it was gone in a week."

Mr Pyliotis, a former accountant, said his decision to join Raine & Horne was based on his familiarity with the leading property brand.

"I worked previously for Raine & Horne Maroubra, so I was comfortable with the brand and its strength. I also like the fact that it is one of the few Australia nreal estate firms that is still family owned and operated.

"I could go anywhere to establish a business, but the local property market attracted me back, along with the opportunity to work with Raine & Horne."

Raine & Horne CEO Angus Raine said the team at Raine & Horne Kogarah was set to be a first-rate addition to the network of 380 offices worldwide.

"Michael Pyliotis is well-known throughout the Kogarah region for his outstanding service and knowledgeof the local market," Mr Raine said.

The highly professional and experienced team at Raine & Horne Kogarah is ready to help you realise your goals in all areas of real estate including Residential Sales and Management as well as Commercial Sales and Leasing.

For further media information contact Michael Pyliotis, Raine & Horne Kogarah on (02) 9588 7722 or 0419 973 329, or Alana Drivas, Raine & Horne Marketing Communications on (02) 9258 5448.