Inner ring capital city property markets warming up for autumn

Media release - 20^th March, 2015

• Raine & Horne reports the number of homes for sale are down 10% nationally
• A four bedroom colonial style home at 11 Abbott Street, New Farm sold under the hammer for $1.31 million
• An original two-bedroom ground floor apartment at 1/10 Moore Street, Coogee sold for more than $500,000 above expectations

Inner ring capital city property markets across Australia have started the autumn selling season with all guns blazing, according to leading real estate firm Raine & Horne.

“The February decision to cut rates by 25 basis points has given some inner ring markets an additional edge, while a relatively early Easter and the impending school holidays is creating buyer urgency,” said Angus Raine, Executive Chairman and CEO of Raine & Horne.

“Our offices around the country are also reporting a significant shortage of stock for sale this autumn, with listings down by about 10% nationally compared to this time last year, which is great news for those owners considering a property sale.”

In the inner Brisbane suburb of New Farm, a four bedroom grand colonial style home at 11 Abbott Street recently sold under the hammer for $1.31 million.

“This timelessly elegant home was built at the start of the Great Depression in 1929 and the auction attracted around 60 interested parties, with six registered bidders jostling for the right to call this iconic property home,” said selling agent, Lee Paul, Principal of Raine & Horne New Farm.

“Inner city New Farm is always a sought-after location thanks to its proximity to the Brisbane CBD, which is just two kilometres away.”

The supply of houses is another factor in the strength of the New Farm market given that 76% of properties in the suburb are apartments, according to Ms Paul.

“Therefore when a house comes onto the market, it’s hugely popular with families seeking a property close to the city.”

Ms Paul added that she expects the autumn market to favour sellers as a consequence of a shortage of quality stock.

“It will be a sellers’ market this autumn, and owners who take their property to market can expect to be rewarded with a rapid sale and a good price,” said Ms Paul.

In Sydney, suburbs within 12 kilometres of the city centre are attracting plenty of autumn buyer sunshine, illustrated by an original two-bedroom ground floor apartment at 1/10 Moore Street, Coogee selling in a flash at auction last weekend for $1.43 million.

“The auction attracted 55 registered bidders and sold for more than $500,000 above the vendor’s reserve,” said selling agent, Tony Laing, Co-Principal of Raine & Horne Coogee/Clovelly. 

“We issued around 150 contracts, which indicates the strength of the inner ring suburbs in the City’s east, and this buzz seems set to continue for some time yet thanks to the availability of cheap housing finance and a significant lack of stock.” 

Meanwhile in the Northern Territory, the next phase of the massive Ichthys Inpex LNG project, which is expected to attract thousands of new workers to Darwin, is set to turbo-charge the city’s real estate markets.

“For cashed up buyers prepared to make a move now, the inner northern Darwin suburbs of Karama and Malak are worth considering before the Inpex worker influx takes effect,” said Glenn Grantham, General Manager, Raine & Horne Darwin.

“We’ve recently listed a three bedroom house at 4 Kabbarli Court, Karama for sale from $550,000 to $590,000, which represents great buying.

“If this property was in Driver, a suburb in Palmerston which has a similar style of housing, it would be worth over $600,000. Yet Karama is closer to Darwin, which makes Karama a suburb to watch as the dry season starts to take hold.”

–ENDS–

For further media information contact:

Angus Raine, Executive Chairman & CEO of Raine & Horne on 0409 920 697

Andrew Harrington, National Communications Manager, Raine & Horne on 02 9258 5400